Gold prices climb higher after ADP says private sector created 99K jobs in August

NEW YORK (September 5) Growing weakness in the U.S. labor market, as private companies created fewer jobs than expected in August, continues to support higher gold prices.

On Thursday, private-sector payroll processor ADP said that 99,000 jobs were created last month. The report missed expectations, as consensus forecasts called for job gains of 144,000.

At the same time, July’s employment data was revised lower to 111,000, jobs, compared to the initial estimate of 122,000.

The gold market was seeing healthy bullish momentum ahead of the report and has managed to push even higher in initial reaction to the disappointing data. December gold futures last traded at $2,550.60 an ounce, up nearly 1% on the day.

KitcoNews