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Gold ends about 1% higher after 5-day losing streak

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Gold gained about 1 percent on Wednesday, recouping some strength after five sessions of losses as European shares flattened and investors remained jittery ahead of U.S. jobs data that should help gauge the strength of the world's biggest economy.

U.S. gold futures for June delivery settled 0.8 percent higher at $1,290.80 an ounce.

Meanwhile, spot gold rose 0.8 percent to $1,289 an ounce, after reaching its lowest since Feb. 11 at $1,277.29 in the previous session.

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Gold fell in the previous session after data showed U.S. factory activity accelerated for a second straight month in March and auto sales surged, the latest signs the economy was strengthening after a brutal winter.

As U.S. data turns more positive after two months of under-performance due to extremely cold weather, market participants awaited non-farm payrolls on Friday. The ADP jobs report showed the economy created 191,000 private payrolls in March, but less than analysts had expected.

The negative impact of any strong U.S. data on gold could, however, be cushioned by Federal Reserve chair Janet Yellen's recent defence of the Fed's easy monetary policy, analysts said.

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Price
 
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