Gold Prices Holding Gains As Private Sector Employment Disappoints Expectations
(Kitco News) - Gold prices are holding onto modest gains as the U.S. labor market weakened in last month with fewer private sector jobs created, according to the latest report from the private sector payroll processor ADP.
A total of 183,000 jobs were created in February, missing expectations. According to consensus forecasts, economists were expecting gains of 190,000 jobs.
Ahead of the report, gold was seeing modest gains in reaction to rising risk-off sentiment in equity markets and some weakness in the U.S. dollar. The yellow metal is seeing little reaction to the data. April gold futures last traded at $1,288.60 an ounce, up 0.30% on the day.