Gold Prices Down Following 250K Gain In Dec. ADP Employment Data
(Kitco News)- The gold market is seeing continued selling pressureThursday after private-payrollsprocessor ADP reported stronger-than-expected job growth in the final month ofthe year.
ADPsaid that 250,000 jobs were created in December. According to consensusforecasts, economists were expecting to see job gains of 191,000. The reportshows that December's employment gains were the strongest since March.
Goldwas already under pressure ahead of the data, and has pushed deeper intonegative territory following the initial reaction. February gold futures lasttraded at $1,310.50 an ounce, down 0.61% on the day.
Theprivate-sector data comes a day before the government releases its nonfarmpayrolls data. ADP's report does create some upside risk to Friday's officialnumbers; however, economists have noted that the report is not a consistentpredictor of nonfarm payrolls.
By Neils ChristensenFor Kitco News
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