Gold Prices Remain Down Following 219K Private-Sector Jobs Created In July
(Kitco News) - Gold prices are under modest selling pressure following stronger-than-expected private sector employment growth, according to the latest data from payrolls processing firm ADP.
Wednesday, ADP said that 219,000 jobs were created in July. The report significantly beat estimates as consensus forecasts were looking for gains of 186,000 jobs.
Gold was in negative territory ahead of the data and has lost more ground in initial reaction to the employment numbers. December gold futures last traded at $1,232 an ounce, down 0.14% on the day.
Along with a strong headline number, the report showed broad-based gains across sectors. Economists have warned that the ADP data have not been a great predictor for the government’s official employment report, but the strong growth will create some upside risk to Friday’s nonfarm payrolls report.