Gold prices dip lower following 183K job growth in ADP employment data

New York (Mar 4)  The gold market has dipped into negative on the day, but prices are still holding on to most of Tuesday’s gains after private sector payrolls processing company ADP said report strong employment growth in the private sector.

Wednesday ADP said that 183,000 jobs were created in February, which beat expectations. According to consensus forecasts, economists were expecting to see job gains of around 170,000.

Gold prices are seeing some slight selling pressure in initial reaction to the latest labor market data; however the market is still significantly higher after Tuesday’s rally after the Federal Reserve surprise markets with a 50-basis point cut to interest rates. April gold futures last traded at $1,642.80 an ounce, down 0.10% on the day.

KitcoNews