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Gold Spot

Gold prices edged higher on Friday after gloomy U.S. nonfarm payrolls data magnified the economic toll from the coronavirus, although a stronger dollar capped bullion’s advance.

Technical Resistance: 1626/1640

Technical support: 1607/1574

Market headlines:

  • Wall St. looks for light at end of tunnel, sees risk stocks will re-test lows
  • S. services sector growth slows; employment drops: ISM
  • Coronavirus depresses U.S. payrolls, more job losses coming
  • USDMYR traded at 4.3663

Economic data:

  • 06 April 2020 Malaysia time 4:30 pm – U.K. Construction PMI (Mar)
  • 06 April 2020 Malaysia time 10:00 pm – U.S. CB Employment Trends Index (Mar)
  • 06 April 2020 Malaysia time 10:30 pm – Canada BoC Business Outlook Survey

Wall St. looks for light at end of tunnel, sees risk stocks will re-test lows

Wall Street analysts and investors see a risk that stocks could retest recent lows in the coming days or weeks as they worry about the spread of the virus and its impact on the economy, although some spot glimmers of light at the end of the tunnel. The  main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak.

U.S. services sector growth slows; employment drops: ISM

U.S. services sector activity slowed to a more than 3-1/2-year low in March, with industries reporting a moderation in new orders and decline in employment amid the coronavirus pandemic, which has brought the country to sudden stop. The Institute for Supply Management (ISM) said on Friday its non-manufacturing activity index fell to a reading of 52.5 last month, the lowest since August 2016, from 57.3 in February.

Coronavirus depresses U.S. payrolls, more job losses coming

The U.S. economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway. The Labor Department’s closely watched employment report on Friday did not fully reflect the economic carnage being inflicted by the highly contagious virus.

Source: Bloomberg, CNBC, Reuters, The Edge

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