Gold prices move higher as ADP significantly misses, 374K jobs created in August

(Kitco News) - The gold price continues to maintain its grip on support above $1,800 an ounce and is seeing some movement higher as fewer private-sector jobs were created in August, according to the latest numbers from private-sector payrolls processor ADP.

Wednesday, ADP said that 374,000 jobs were created in August, significantly missing expectations. Consensus forecasts were calling for job growth of around 640,000.

The gold market was under modest pressure ahead of the data but has seen a push back to neutral territory. December gold futures last traded at $1,817.50 an ounce, down 0.02% on the day.