GO
Loading...

Gold ends above $1,330, highest level since March

Getty Images

Gold ended higher for a fourth straight session on Wednesday ahead of the release of the closely watched June payrolls report on Thursday.

U.S. gold futures for August delivery settled $4.30 higher $1,330.90 an ounce, its highest closing level since March 21.

Spot gold, meanwhile, was up 0.1 percent at $1,327 an ounce.

The metal hit a three-month high at $1,332.10 an ounce on Tuesday, but struggled to revisit those highs. It briefly traded as low as $1,321.01 after data showing U.S. companies hired 281,000 workers in June, the biggest monthly increase since November 2012, boosted stocks and the dollar.

The focus of the week remains Thursday's U.S. non-farm payrolls report, which is seen as a key barometer of the world's largest economy.

Symbol
Name
Price
 
Change
%Change
Volume
GOLD
---
GOLD/USD
---
SILV/USD
---
SILVER
---
PALL/USD
---
PLAT/USD
---

The jobs report will be released on Thursday, a day earlier than usual because of the Independence Day holiday on July 4. Analysts polled by Reuters on average expect a non-farm payrolls gain of 210,000 for June versus 217,000 in May.

In other precious metals, platinum hit a 10-month high on Wednesday as its performance since the end of a strike in South Africa reassured investors that the short-term risk of a price retracement had died down, while gold steadied near the previous day's three-month high.

Spot platinum hit a peak of $1,517.50 an ounce and was last flat at $1,503 an ounce. The metal increased its premium over gold to nearly $190 an ounce, its highest in three weeks, earlier on Wednesday.

This year's five-month strike by platinum miners, the longest in South African history, had previously done little to lift prices, as industrial users tapped into above-ground stocks to meet their needs, while investors hung back to see how the supply situation would develop. Its resolution last week removed some fears that the end of the strike would spark a sharp price drop, analysts said.

—By Reuters with CNBC