Gold and Silver Prices Rebound on Softer ADP Data
The price of gold and silver rebounded in early U.S. trading on Wednesday after softer-than-expected ADP private-payrolls data gave metals a relief bid.
The data showed that private employers added 38,000 jobs in August, below expectations, which gave gold a modest lift after Tuesday's rout.
The relief bid was not enough to fully reverse the hawkish Fed trade, with markets still pricing roughly a 67% to 70% probability of a September rate hike as oil prices and global bond yields remain elevated.
The Strait of Hormuz remains a key geopolitical channel into oil, inflation expectations, and defensive demand. Fresh U.S.-Iran strikes have kept Brent crude near $95 and WTI above $90, while the conflict has revived concerns about mines and shipping disruption near the strait.