Weak ADP Jobs Report Boosts Gold (GLD)
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Spot gold, which can be traded using the EFT GLD (NYSE: GLD), was up on Wednesday after ADP numbers showed the U.S. added 113,000 jobs vs. a consensus of 175,000.
The ADP report helps give clues about U.S. jobs growth, with the official report on U.S. nonfarm-payrolls to come in on Friday. A weaker jobs picture could pave the way for more easing by the Fed, which is generally believed to be supportive of Gold prices.
The ADP report helps give clues about U.S. jobs growth, with the official report on U.S. nonfarm-payrolls to come in on Friday. A weaker jobs picture could pave the way for more easing by the Fed, which is generally believed to be supportive of Gold prices.
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