Gold prices fall following strong rise in U.S. ADP Employment Data
( Kitco News) – Gold prices are struggling again to find momentum as the labor market continues to strengthen as more private companies hire more employees than expected last month, according to the latest employment data from the private payroll company ADP.
On Wednesday, ADP said that 1[ads1]95,000 jobs were created in August, which significantly beat expectations; consensus forecasts asked for job growth of 148,000.
Gold prices struggled to get a bid before the data and have lost further ground in the first reaction; Gold futures in December last traded for $ 1,548.50 an ounce, down 0.78% the day.
The gold market is struggling on Thursday after news agencies reported a thaw in trade tensions between China and the United States. The two nations are planning to hold preliminary talks later this month to begin negotiations in October.
According to some economists, the latest employment data provides some optimism ahead of Friday's official non-farm payroll report. However, they have also warned that the ADP figures are not always a consistent predictor of government estimates.
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