MTECHTIPS:-Gold little changed near 28-month high after U.S. ADP jobs report

MTECHTIPS:-Gold little changed near 28-month high after U.S. ADP jobs report

Gold prices were little changed in North American trade on Wednesday, holding near a 28-month high despite data showing the U.S. economy added more private payrolls that expected last month. Payroll processing firm ADP said that non-farm private employment rose by 179,000 in July, surpassing expectations for an increase of 170,000. The economy created 176,000 jobs in June, whose figure was revised from a previously reported increase of 172,000. While not viewed as a reliable guide for the government jobs report due on Friday, August 5, it does give guidance on private-sector hiring. Investors now looked ahead to the U.S. Institute of Supply Management's report on July service sector growth due at 14:00 GMT, or 10:00 AM ET. Gold for December delivery on the Comex division of the New York Mercantile Exchange shed $1.45, or 0.11% to trade at $1,371.15 a troy ounce by 12:41 GMT, or 8:41 AM ET. A day earlier, gold jumped to $1,374.20, the most since July 11, when prices touched a more than two-year high of $1,377.50. The yellow metal has been well supported in recent sessions as a string of disappointing U.S. economic data prompted market players to push back expectations for the next U.S. rate hike

WWW.MTECHTIPS.COM
07489294118-119