Gold rises as global stocks decline

Gold price rose as global stocks declined. Global stocks fell on decreasing demand for risky assets.

Gains were limited as the U.S. dollar increased after the release of the better-than-expected U.S. economic data. Private sector in the U.S. added 214,000 jobs in February, according the ADP report on Wednesday. January’s figure was revised up to 193,000 jobs from a previous reading of 205,000 jobs. Analysts expected the private sector to add 190,000 jobs. Services sector added 208,000 jobs in February, while goods-producing sector added 5,000.

April futures for gold on the COMEX today increased to 1241.40 dollars per ounce.

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