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Gold jumps above $4,240 after weak US labor data lifts metals

ADP showed private payrolls rose only 44K in July, well below the 70K forecast, while the US Dollar Index eased to around 99.70.

Reported · Written up by our desk · Major Pairs

Metals led Wednesday’s trading after US labor indicators pointed to a cooling job market, with gold rising more than 4% to around $4,247 per troy ounce and silver climbing nearly 5% toward $62.20, according to FXStreet’s daily market update.

FXStreet cited ADP private payrolls increasing by 44K in July, compared with a 70K forecast and down from the prior month’s 98K print. The employment sub-index fell to 47.4 from 51.2, and the ISM Services PMI was 54.1 versus expectations of 54.5.

FXStreet also noted the US Dollar Index, or DXY, eased about 0.16% to trade near 99.70. The weaker dollar coincided with reports that the US-Iran conflict has de-escalated and that Iran and Oman are drafting an agreement on commercial shipping through the Strait of Hormuz.

In FX markets, FXStreet said EUR/USD advanced about 0.15% to around 1.1550, extending its recovery, while GBP/USD added about 0.08% to roughly 1.3460. The update also put USD/JPY up about 0.06% to around 157.80, with the Bank of Japan minutes showing policymakers debated price risks.

Latest closeGold $4,308.50 ▲5.2%|Silver $62.32 ▲3.8%|EUR/USD 1.156 ▲0.4%

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