(Kitco News) – Gold prices are once again struggling to find momentum as the labor market continues strengthen as more private-sector companies hired more employees-than-expected last month, according to the latest employment data from private payrolls company ADP.
Wednesday, ADP said that 275,000 jobs were created in April, significantly beating expectations; consensus forecasts were calling for job growth of 181,000.
Gold prices were struggling ahead of the report and lost further ground in initial reaction. June gold futures last traded at $1,282 an ounce, down 0.28% on the day.
Katherine Judge, senior economist at CIBC Capital Markets said that the impressive labor market data should continue to support the U.S. dollar and push bond yields higher, which are both negative factors for gold. However, she