The price of gold gained for a fourth straight session Thursday on Thursday as jittery traders turned to the safety of the precious metal ahead of the release of the government's stress tests on major banks.
Gold for June delivery ended at $915.50, up $4.50 on the session. Prices touched as high as $926.50 in the early going.
Investors anxiously awaited the release of the results of the government's stress tests of leading financial institutions due at around 5 p.m. ET.
Traders considered several key economic reports. The U.S. Labor Department said initial jobless claims, a closely-watched gauge of layoffs, dropped to 601,000 for the week ended May 2nd. This was down 34,000 from the previous week's revised total of 635,000.
Jobs data will again be in focus tomorrow with the release of the monthly employment report at 8:30 a.m. ET. Economists expect to see non-farm payrolls fell by 600,000 in the month of April, compared to a decline of 663,000 reported for March. The employment rate is expected to rise to 8.9%, up from 8.5%.
A separate Labor Department report showed that productivity rose 0.8 percent in the first quarter following a revised 0.6 percent decrease in the fourth quarter. Economists had expected productivity to rise 0.6 percent compared to the 0.4 percent decrease originally reported for the previous quarter.
The dollar fell to a fresh monthly low against the euro, continuing its downward move against its major rival. Gold usually moves opposite the dollar because of its hedge appeal.
For comments and feedback: contact email@example.com