Gold price settles lower as robust economic data boost risky assets

New York (April 5)  Gold prices retreated Wednesday following three sessions of gains as better-than-expected employment data revived appetite for riskier assets such as stocks. The U.S. private sector added 253,000 jobs in March, according to Automatic Data Processing Inc., significantly ahead of the 170,000 projected by economists. June gold GCM7, -0.75% shed $9.90, or 0.8%, to settle at $1,248.50 an ounce. The S&P 500 SPX, +0.60% rose 0.7% to trade at 2,377 in early afternoon.

By 2pm EST spot silver was down only 5 cents at $18.20, while spot palladium surged nearly $8 to $810.

Source: MarketWatch