By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) – Gold futures on Wednesday climbed higher, furthering the prior day’s strong gains, on hopes that Thursday’s bank stress test results would boost the precious metal’s appeal.
In morning trade, gold for June delivery climbed $4.90 to $909.20 an ounce on the New York Stock Exchange, after rising as high as $912.80 earlier on.
Gold and Copper gained after the ADP employment index showed private-sector employment fell by 491,000 jobs in April, less than some analysts had expected.
Copper for July delivery gained $2.16, or 3.6%, to $2.16 a pound on the Comex division of the NYME.
The ADP index comes two days before the government releases its estimate of April nonfarm payrolls.
Viewed as a safe haven amid any trouble in the financial markets, gold on Tuesday rallied above $915.00 an ounce, the contract’s highest level in a week, before sliding as the dollar switched direction and rose against the euro. . .
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