Spot gold was little changed after the release of US ADP private payrolls data for October, last trading up 2.74% at $4,035.85 per ounce. The gain implies a previous close of about $3,928 per ounce. The metal held above the $4,000 mark after the data, with market reports pointing to a weaker US dollar as the main driver of the day’s rally.
Spot gold snapshot
|
Particulars |
Level |
|---|---|
|
Spot gold (last) |
$4,035.85 per ounce |
|
Change on the day |
up 2.74% |
|
Implied previous close (derived) |
about $3,928 per ounce |
|
Reported intraday trading range |
about $3,905 to $4,050 per ounce |
ADP data
Reports say US private-sector employment rose by 86,000 in October, ahead of consensus estimates of about 67,000 to 69,000 and against a prior reading of about 90,000. A stronger jobs print typically supports the dollar and Treasury yields, which weigh on non-yielding gold. The market reaction was muted, with gold steady after the release.
What is driving gold
-
Dollar weakness. Market reports linked the day’s decline in the US dollar to the outcome of the US midterm elections, which supported gold.
-
Earlier pressure. Gold reportedly traded under pressure earlier in the session before reclaiming $4,000.
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Data ahead. Traders now look to the US ISM services PMI later today and Friday’s nonfarm payrolls report for cues on interest rates and the dollar.
Disclaimer: The spot gold price and percentage move are as reported by the news wire. The ADP figures, trading range and market drivers are based on market reports and have not been independently verified. The previous close is derived from the reported percentage change and is approximate. Commodity prices move rapidly and the figures above may have changed since publication. This article is for information only and is not investment advice. Readers should consult a SEBI-registered adviser before making investment decisions.