Gold Hit by Strong ADP Jobs Report

The gold market is experiencing renewed headwinds as the U.S. private-sector labor market remains resilient, according to ADP's latest employment data.

The company reported that 90,000 jobs were created in September, exceeding expectations of 73,000 and surpassing August's 36,000 additions.

This marked the first acceleration in hiring since May, driven by gains in education and healthcare, as well as leisure and hospitality sectors.

Dr. Nela Richardson, Chief Economist at ADP, noted that 'It’s a strong report. After a three-month slowdown, job creation rebounded and pay growth remained solid.'