Gold Prices Drops to Session Lows After Strong ADP Jobs Data; Fed Ahead on Global Cues

Gold Prices Drops to Session Lows After Strong ADP Jobs Data

Prices of Gold plunged in morning trade on Wednesday, falling to the lowest levels of the session after data showed that employers of the private sector and added so much more jobs than expected in January.

Gold for April delivery on the Comex dipped $3.65, or around 0.3%, to $1,207.75 a troy ounce.

Gold rose by 0.59 per cent to USD 1,208.50 an ounce.

ADP said the company increased employment in the private non-agricultural sector increased by 246,000 last month, easily surpassing expectations of an increase of 165,000.

Besides payrolls data, the publication of ISM manufacturing survey for the month of January.

Traders also focused on the results of the monetary policy meeting of the two-day Federal Reserve Board for further clues on the timing of the next interest rate raise.

Bullion dealers said that besides firmness trend overseas, steady buying by local jewelers amid ongoing wedding essentially remain high precious metals prices.

Expected the Fed a minimum of three rate increases for 2017. However, traders are still not convinced. Instead, the market expects to raise interest rates only two this year, according to Investing.com.

Further, we will addresses from Washington to continue to dictate the market sentiment as traders focused on a trump card to get further details about on promises tax reform, spending on infrastructure and the lifting of restrictions as well as trade policies.

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