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Gold price struggling as ADP shows US economy created 143K jobs in September

Kitco Media
By Neils Christensen
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(Kitco News) - The gold market is seeing solid selling pressure and could continue to struggle, as the U.S. labor market remains robust and the private sector created more jobs than expected last month, according to payroll processor ADP.

On Wednesday ADP said that 143,000 jobs were created last month. The report handily beat expectations, as consensus forecasts called for job gains of 124,000.

The gold market was already seeing some technical selling pressure ahead of the employment data and remains near session lows in initial reaction to positive labor market numbers. December gold futures last traded at $2,669.30 an ounce, down 0.78% on the day.
 

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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goldgold pricesgold priceUS labor marketADP nonfarm payrollsADPus economyinterest ratesFederal Reserve

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