Gold was slightly pressured Tuesday after Atlanta Federal Reserve President Dennis Lockhart commented that an interest rate hike is a “real option” at the next Fed policy meeting. The news lifted the U.S. dollar, though it is just speculation. Wednesday’s disappointing news of only 156,000 new private jobs created in April shed some light on how the economy might not be ready to move ahead with another rate hike. Precious Metals prices across the board so far Wednesday are flat with the job creation news, but the market could quickly make a correction.
According to an ADP report, private job creation for the month of April was weaker than expected, with a total of 156,000 jobs added. A number of economists polled by Reuters forecast private jobs to increase by 195,000 positions. "The job market appears to have stumbled in April. Job growth noticeably slowed, with some weakness across most sectors. One month does not make a trend, but this bears close watching as the financial market turmoil earlier in the year may have done some damage to business hiring," Mark Zandi, chief economist at Moody's Analytics, said in a statement. The news comes ahead of Friday’s non-farm payroll jobs report, which will provide a better reflection of job stability in the U.S.
At 10:37 A.M. (ET), the APMEX Precious Metals spot prices were:
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