Gold Futures Prices Reach Session Highs After Data on ADP Jobs Disappoints

Gold Futures Prices Reach Session Highs After Data on ADP Jobs Disappoints

Gold futures prices reached the session’s highest levels on Thursday after data showed that private US employers added fewer jobs than expected last month, backing bets on a slower pace of rate hikes by the Federal Reserve.

Comex gold futures were at $1,224.81 a troy ounce, up $3.00, or around 0.3%. Also on the Comex, silver futures tacked on 7.2 cents, or roughly 0.5%, to $15.96 a troy ounce.

Spot gold fell 0.27 per cent to USD 1,223.40 an ounce and silver by 0.56 per cent to USD 15.98 an ounce in Singapore.

Private employers  of U.S. added 158,000 jobs in June, much lower than economists’ forecasts, according to a report by the payroll processor showed ADP on Thursday. Economists had expected the ADP Nonfarm Employment Report to rise from 185,000 jobs.

The ADP figures are the most comprehensive report on non-farm jobs from the US Department of Labor on Friday, which includes both public and private jobs in the future.

At the same time, market players continued to digest the last minutes of the meeting of the Fed’s policy in June, which was released on Wednesday, which showed a lack of consensus among policy-makers about inflation expectations and how it could affect the future pace of interest rate increases.

Many officials also wanted to announce the start of the process of reducing the large portfolio of treasury bonds from financial securities and mortgage-backed securities by the end of August / August, while others preferred to wait until later this year.

Gold prices fell by Rs 290 to trade at the six-week low of Rs 28,930 per ten grams in Delhi.

Traders said that apart from a weak trend abroad, the fall in demand from local jewelers and retailers in the local market market mainly plummeted gold prices.

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