Gold Sees Little Reaction To Disappointing U.S. ADP Employment Data
(Kitco News) - Gold prices are holding around the critical psychological level of $1,300 an ounce as the private sector saw weak employment gains in May, according to the latest employment data from private payrolls processor ADP.
Wednesday, ADP said that 178,000 jobs were created in May. The report significantly estimates as consensus forecasts were looking for gains of 191,000 jobs. Not only did May’s data disappoint expectations but the previous month’s data was revised lower to 163,000 jobs from the initial report of 204,000 jobs.
However, gold has struggled to find momentum in the marketplace as it faces a surging U.S. dollar. The latest employment data has had little impact on the yellow metal. June gold futures last traded at $1,299 an ounce, unchanged on the day.