Gold Remains Softer After U.S. Private-Sector Jobs Rise 227,000 In Oct.
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold prices remained on thedefensive after the monthly ADP report Wednesday showed that U.S. firms created227,000 new private-sector jobs during October.
Consensus estimates compiled by newsorganizations had called for around 178,000 to189,000 newprivate-sector jobs to be created. The September tally was revised to 218,000 fromthe previously reported 230,000.
Asof 8:26 a.m. EDT, spot gold was $7.50 lower to $1,215.10 an ounce. Threeminutes prior to the ADP report, the metal had been at $1,216.40.
There were 189,000 new jobs in theservice sector and 38,000 in the goods-producing sector.
The report showed that the biggestgains came in the category for trade, transportation and utilities, with 61,000new jobs. The leisure and hospitality industry created 40,000 jobs.
Large companies, employing 500 ormore workers, added 102,000 jobs. Mid-sized companies, defined as those withbetween 50 and 499 employees, created 96,000 new jobs. Small companies withless than 50 people added 29,000 positions.
Traders closely watch the ADP dataas a precursor to the U.S. Labor Department's monthly jobs report that normallycomes out in the same week. The government's report is due out on Friday.
By Allen SykoraFor Kitco News
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