Make Kitco Your Homepage

Gold Prices Hold Firm Following In Line Rise In U.S. ADP Employment Data

Kitco News

Ed Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

(Kitco News) - The gold market continue to hold steady even as private sector employment remained upbeat in July, according to the latest employment data from private payrolls company ADP.

Wednesday, ADP said that 156,000 jobs were created this past month, relatively in line with expectations; consensus forecasts were calling for job growth of around 150,000.

The gold market has been charting a fairly stable course the last few days as traders eagerly await the Federal Reserve’s monetary policy decision, which will be released later in the afternoon. Analysts and traders are expecting the U.S. central bank to cut rates for the first time since 2008 and the gold market is anticipating significantly loose monetary policy through the rest of the year.

December gold futures last traded at $1,442.10 an ounce, relatively flat on the day.

According to some economists, the latest employment data does provide some optimism ahead of Friday's official nonfarm payrolls report. However, they have also cautioned that the ADP numbers are not always a consistent predictor of the government estimates.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.