Gold price unfazed after ADP reports 571K job gains in October

  • 11/03/2021
  • Source: Kitco
  • by: Neils Christensen
Gold price unfazed after ADP reports 571K job gains in October
(Kitco News) - Spot gold prices are holding relatively steady in negative territory even as private-sector jobs grew more than expected in October, according to private-payrolls processor ADP.

Wednesday, ADP said that 571,000 jobs were created last month, significantly beating expectations; consensus forecasts were calling for job growth of around 400,000.

"The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year. Service sector providers led the increase and the goods sector gains were broad-based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth," said Nela Richardson, chief economist at ADP.

Exclusives

Element 29 Resources boasts two flagship projects with enormous porphyry copper potential, in a market where copper demand is seen doubling with record supply deficits leading to higher copper prices.


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