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MTECHTIPS;-Gold slides below $1,210 after blowout ADP report

Thursday, March 9, 2017 0:29
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MTECHTIPS;-Gold slides below $1,210 after blowout ADP report

 

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MTECHTIPS- Gold prices extended overnight losses during North American morning hours on Wednesday, reaching the lowest level since early February after data showed companies in the U.S. added jobs at a blistering pace in February. Comex gold futures touched a session low of $1,208.50 a troy ounce, its weakest since February 3. It was last at $1,209.65 by 8:30 AM ET (13:30 GMT), down $6.75, or about 0.5%. Spot gold was down $6.00 at $1,209.90 per ounce. Payroll processing firm ADP said nonfarm private employment rose by 298,000 payrolls in February, well above forecasts for an increase of 190,000. The big number could cause economists to adjust their expectations for Friday’s key nonfarm payrolls number. The market currently expects the report to show growth of about 190,000 jobs. The upbeat report added to already strong expectations that the Federal Reserve will raise rates at its upcoming policy meeting next week. Futures traders are pricing in around a 90% chance of a hike at the Fed’s March 14-15 meeting, according to Investing.com’s Fed Rate Monitor Tool. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced

 

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