With gold and silver futures gaining 0.3% and 0.9% respectively ahead of Thursday morning’s release of the jobs report for June, BullionVault‘s Adrian Ash tells MarketWatch that “Mid-June’s big jump aside, gold has become so boring not even U.S. payrolls are giving traders much fun right now,” but he adds that unless the jobs number exceeds 300,000, “it’s hard to see U.S. futures getting sold before the long weekend.”
This as Bloomberg reports that assets in GLD rose 1.4% on Monday and Tuesday of this week, the biggest two-day gain since November 2011. The article quotes one commodity broker as saying that “the dovish outlook from the Fed is increasing interest in gold, and we are seeing some investors return,” and cites a report from UBS AG analysts, who wrote that “Although the overall macroeconomic backdrop remains unfriendly towards gold, with ongoing QE tapering, looming rate hikes and stocks at record highs, prices have generally been quite resilient. That the aggressive ETF selling of 2013 has not made a comeback has provided ongoing support.”
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