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