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Tuesday, May 24, 2022

Gold Prices Rise to Session Highs After ADP Employment Report

Gold Prices Rise to Session Highs After ADP Employment Report© Reuters.

Investing.com – Gold prices were higher on Wednesday, climbing to the best levels of the session after data showed that U.S. non-farm private employment rose .

U.S. private employers added in February, below economists’ expectations, a report by a payrolls processor ADP (NASDAQ:) showed.

Economists had expected the ADP nonfarm payrolls report to show a gain of 189,000 jobs. Private sector jobs increased by 300,000 in January, upwardly revised from a previously reported increase of 213,000.

Comex were up $3.05, or 0.25%, at $1,287.65 a troy ounce by 8:30AM ET (13:30 GMT), after falling as low as $1,282.00 on Tuesday, its worst level since Jan. 24.

Meanwhile, was flat at $1,286.84 per ounce.

Prices of the yellow metal also drew support from renewed concerns about a global economic slowdown after the (OECD) cut forecasts again for the global economy for this year and next.

The Paris-based organization now sees world GDP growing 3.3% in 2019 and 3.4% in 2020. That represents cuts of 0.2% for 2019 and 0.1% for 2020, compared to its last set of forecasts in November.

It singled out trade disputes and uncertainty over Brexit as the main reasons for its pessimism.

“Gold in longer term is very much supported, partially due to shift in sentiments and global slowdown. In the shorter term, gold continues to show signs of bearish weakness and there is some room to go further south before it resumes its positive trend,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

In other metals trading, were little changed at $15.11 a troy ounce.

Meanwhile, held steady at $1,465.40 an ounce, while fell 1% to $829.85 an ounce.

— Reuters contributed to this report

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Source: Investing.com

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