Underwhelming job market data in the world's largest economy spurred precious metal prices higher on Wednesday as demand for safe-haven storage climbed, according to Bloomberg.
May job creation amounted to 179,000, representing the smallest addition in four months, according to data released by ADP Research Institute. One year after losing roughly 28 percent of their value, gold futures have climbed about 3.5 percent thus far in 2014. Last year marked bullion's first year of annual losses since 2000.
"The market is reacting to the ADP number," founder James Cordier with Optionsellers.com in Tampa, Florida told the news source on Wednesday. "The overall sentiment, however, remains very bearish."
At 10:11 a.m. on Wednesday, gold futures edged up 0.12 percent, a $1.47 rise to $1,246.42 per barrel. Silver futures climbed 0.19 percent, a 4-cent increase to $18.85 per troy ounce.
Reuters reports the yellowish metal also rose as the world's reserve currency and bond yields slipped in value during the midweek trading session. The U.S. dollar and bullion typically perform the inverse of one another. But, nonetheless, the precious metal still hovered about its lowest value in roughly 120 days.
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