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.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved