Latest Market Updates
The precious metal was under pressure at the start of today’s session, but quickly erased losses as bargain hunters stepped in to buy the dip.
Investors are digesting the latest batch of U.S. economic data, and awaiting additional reports due later in the session ahead of Friday’s highly anticipated November jobs report.
Payroll processing firm ADP said Wednesday that non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000. The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.
Gold prices fell in the wake of the report, but quickly recovered on increased demand from bargain hunters.
The Federal Reserve’s beige book is due out later this afternoon, as well as data on U.S. new home sales, and a report from the Institute of Supply Management on services sector activity.
The European Central Bank’s monthly monetary policy meeting is on Thursday and the U.S. jobs report is on Friday.
The European Union’s latest batch of economic data released Wednesday was mostly downbeat, prompting speculation that the ECB will keep monetary policy very accommodative for some time to come.
Meanwhile, investors here in the U.S. continue to digest endless speculation over the precise timing of when the Federal Reserve will reduce its monthly bond-purchase program. Most analysts anticipate Friday’s all-important U.S. jobs report will provide at least moderate insight into the timing of the Fed’s next move.
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