A significant rise in the price of gold in US trading
Gold futures prices rose during trading on Wednesday, after two days of decline, thanks to the purchases of bargain hunters.
The decline of the dollar and the larger than expected growth of manufacturing activity in China also contributed to the rise of the yellow metal today.
The dollar value index declined at the beginning of today's trading to 92.99 points before recovering part of its losses to end the day at 93.19 points, a decrease of 0.13% from its level yesterday.
The price of gold rose today by $ 29.60, or 1.8%, to $ 1715.60 an ounce for next June delivery.
At the same time, gold prices lost about 10% of their value during the first quarter of this year.
The price of silver rose today by $ 0,395 to $ 24,532 per ounce in May delivery, while the price of copper rose by $ 0.170 to $ 3,9955 per pound for next May delivery.
On the economic news front, ADB payroll processing released a report on Wednesday showing strong growth in US private sector jobs in March, partly reflecting an increase in employment in the entertainment and hospitality industry.
ADB said private sector employment increased by 517,000 jobs in March, compared to 176,000 in February.
Economists had expected employment to rise by 550,000 jobs compared to the addition of 117,000 jobs that were originally reported in the previous month.
Also, data published on Wednesday showed that deferred housing sales in the United States during February fell by more than expected.
The index of deferred housing sales decreased during the past month by 10.6% from the previous month to 110.3 points, after it decreased by 2.4% to 123.4 points during last January, according to the revised data of the National Union of Real Estate Developers in the United States.
Analysts had expected a decline in deferred sales over the past month.
By only 2.6%, after declining by 2.8% during the previous month, according to preliminary data.
Follow our latest local and sports news, and the latest political and economic developments via Google news