Gold price falls following stronger-than-expected U.S. ADP employment data

London (Jan 8)  Off their overnight highs, the gold market is seening modest renewed selling as prices push further into negative territory after stronger-than-expected private sector employment data.

Wednesday, private payrolls processor ADP said that the U.S. economy created 202,000 private sector jobs in December. The latest labor report beat expectations as consensus forecasts were calling for an increase of 160,000 jobs.

Gold prices have been under pressure most of the morning as investors take profits after prices pushed to $1,600 an ounce overnight. However, the better than expected economic data is not having much impact on gold prices. February gold futures last traded at $1,571 an ounce, down 0.20% on the day.

KitcoNews