Gold went up on Thursday, after two days of losses. After the release of positive job report numbers, it looked like US is not in a hurry to launch monetary stimulus as the economic outlook gradually improves. Gains were capped. Globally, investment demand in 2011 creeped up to 1640.7 tonnes, a 5 percent gain. Gold broke key support level at 300 day moving average for the first time this year on Wednesday when it went below $1619 per ounce. It has been estimated that spot gold could take a further beating to $1599 an ounce. The sharp drop in prices managed to attract light buying in Asia's physical market. Overall, the sentiments are bearish. Investors are still keeping a lookout for the coming Friday's US job market report to gauge the pace of recovery in US. This was after an earlier report which said that more than 200, 000 jobs were added in March. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings were unchanged at 1286.621 tonnes by Wednesday. But holdings in the world's key gold ETF gained 44761 ounces to 70.4 million ounces (2190 tonnes).
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