Gold Up Slightly on Jobs Data

Gold rose 0.2 percent or $2.49 to trade at $1,246.26 per ounce on Wednesday, according to Reuters. The dollar and U.S. bond yields both dropped after U.S. jobs data came in below forecasted levels, which increased the appeal of gold as a safe haven. However, analysts say today’s rise in itself might not indicate an ongoing trend.

“So yes gold is up but for how long?” Societe Generale analyst Robin Bhar said to Reuters. “I would still want to sell the rally. I don’t think it changes the mood of the market, and basically we are going lower.”

U.S. gold futures for June delivery rose $3.40 an ounce to $1,247.80.