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.