ADP said private employers in the U.S. augmented payrolls by 175,000 laborers last month, which was lower than the 180,000 projected in a poll of economists and analysts administered by the news service. Markit indicates U.S. services growth pushed to its top level last month while hiring stayed strong.
"A lower ADP employment number immediately translated into a fall in the dollar and a spike in gold," senior vice president Bernard Sin with MKS SA told the news source on Wednesday. "But then we see that the economic reports are not uniformly negative, leaving gold investors still unconvinced that rallies can be sustained … and we are back in a narrow range."
At 10:05 a.m. on Wednesday, gold futures were even and valued at $1,254.60 per troy ounce. Silver futures gained 1.53 percent, a 30-cent lift to $19.80 per troy ounce.
MarketWatch reports the precious metal has advanced about 4 percent thus far this year after having plunged 28 percent last year, when it closed 12-straight years of annual gains.
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