Gold Extends Losses after Stronger Than Expected ADP Data, Higher Stocks

Gold Extends Losses after Stronger Than Expected ADP Data, Higher Stocks

Gold futures fell for a second session Wednesday as global equities and the dollar went up data showed that non-farm private employment increased by more than expected in February, increasing optimism about the health of the labor market and reinforcing expectations that the federal raise rates later this year.

Gold for April delivery on the Comex division of the New York Mercantile Exchange fell to $1,230.00 a troy ounce.

Spot gold slipped 0.2 percent to $1,230 an ounce, after dropping 0.5 percent in the previous session.

Payroll processing firm ADP said of the private non- agricultural employment increased by 214,000 last month, beating expectations for a rise of 190,000. The economy created 193,000 jobs in January, whose figure was revised down from a previously reported increase of 205,000.

Market participants now saw ahead of US Nonfarm payrolls report on Friday. Consensus estimate is that growth data show 190,000 jobs last monthfollowing a surge of 151,000 in January, while the jobless rate is expected to remain stable at 4.9%.

Upbeat manufacturing data from the US and another leap in oil prices Tuesday pushed measure one of the major stocks, MSCI gauge of global stock markets to their highest level in nearly two months.

The assets of SPDR Gold Trust, the top of the world gold ETF, rose 1.15 percent to 786.20 tonnes on Tuesday, the highest level since September 2014.

In the physical market, gold imports from India in January increased 62 percent compared with the same period last year.

At Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 91, or 0.31%, at Rs 29,135 per 10 grams as participants trimmed their positions, largely in line with a weak trend overseas.

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Posted in Commodity, MCX, Stocks Market

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