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4 May 2016
Gold turns higher after ADP report
Gold bounced from daily lows and erased completely intraday losses as the US dollar weakened on the back of disappointing US ADP employment report.
Spot gold extended its recovery from weekly lows and climbed to fresh daily highs near $1,289 an ounce after data showed US private sector added 156,000 new jobs in April, below the 196,000 expected. This was the slowest pace of job creation in nearly two years.
The yellow metal is about 20% higher this year as expectations of a Fed rate hike have been delayed amid global growth concerns.
Spot gold extended its recovery from weekly lows and climbed to fresh daily highs near $1,289 an ounce after data showed US private sector added 156,000 new jobs in April, below the 196,000 expected. This was the slowest pace of job creation in nearly two years.
The yellow metal is about 20% higher this year as expectations of a Fed rate hike have been delayed amid global growth concerns.