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MTECHTIPS:-Gold hovers near 1-year high, as downbeat wage growth remains in focus

Tuesday, March 8, 2016 4:05

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MTECHTIPS:-Gold hovers near 1-year high, as downbeat wage growth remains in focus

Gold fell slightly on Monday to halt a three-day winning streak, but remained near 13-month highs, as investors digested gloomy U.S. wage growth data from last week, which could compel the Federal Reserve to slow its pace of tightening over the next several months. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded between $1,257.70 and $1,274.10 an ounce before settling at $1,262.70, down 8.00 or 0.63% on the session. Last Friday, gold ended the week by surging more than $15 an ounce to hit an intraday high of $1,279.90, its highest level since the early portions of 2015. Gold is coming off its strongest month in more than a decade and is on pace for its most profitable opening quarter in nearly 30 years. After ending last year around $1,060 an ounce, the precious metal has surged by more than 18% over the last nine weeks. Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,284.70, the high from Feb. 3, 2015. On Monday, investors continued to react to Friday’s U.S. jobs report for the month of February when average hourly earnings fell by 0.1%, representing their first monthly decline in more than a year. It came a month after wages surged by 0.5% in January, after a host of U.S. states instituted significant minimum wage hikes at the start of the year. In recent years the Fed has kept a close eye on wage growth, as hourly earnings among production and nonsupervisory workers have fallen precipitously from a pre-Financial Crisis peak

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