Gold futures remained at a steady level today (March 6th) on the back of a two-session climb.
Investors weighed the metal's safe-haven appeal in the wake of US private sector employment data that was better than expected.
According to a report by MarketWatch, another factor that had an impact on the price of gold was the drop in factory orders.
Gold for delivery in April traded at $1.574.70 (£1.04) an ounce on the Comex division of the New York Mercantile Exchange, which was down 20 cents, with trading between $1,566.40 and $1,579.50 over the course of the day.
"The gold and silver market bears still possess the firm near-term technical advantage, which continues to keep speculative buying interest squelched," said Jim Wyckoff, senior analyst at Kitco.com.
Earlier in the week, gold was shown to have firmed up following three consecutive weeks of losses in a row for the precious metal. Societe Generale analyst Robin Bhar said "there has been relentless liquidation and short-selling of gold".
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