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Gold Price Hits 5-Week Low as Dollar Gains on ADP Jobs Data, Trade Deficit ‘Looms’

Gold Price Hits 5-Week Low as Dollar Gains on ADP Jobs Data, Trade Deficit ‘Looms’

financialsense.com / ADRIAN ASH / 03/08/2017

Gold prices fell through what technical analysts called “immediate support” at $1210 per ounce Wednesday lunchtime in London as the US Dollar rose again after new data said the United States added far more new jobs than expected in February.

The private-sector ADP report said US payrolls expanded by 298,000 last month, beating consensus forecasts of 190,000.

World stock markets held flat overall as commodities slipped once again with government bond prices ahead of next week’s clearly-flagged US Fed rate rise.

Silver tracked the drop in gold prices, also falling to 5-week lows with a loss of 3.5% for the week so far.

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