Commodities
Gold Surges Above $4,200 as ADP Reports Disappointing Job Growth
The gold market is surging after ADP reported that private-sector jobs increased by only 44,000 in July, falling short of expectations. The consensus forecast was for job gains of 68,000, making this a disappointing result.
According to Dr. Nela Richardson, Chief Economist at ADP, 'Job-changers are highly sensitive to real-time economic conditions, and their rapid pay growth implies supply constraints in parts of the labor market.' She also noted that typical hiring patterns are changing as employers adapt to shifting macroeconomic conditions.
The gold price has responded positively to this news, reaching session highs above $4,200 an ounce. Spot gold last traded at $4,210.50, up more than 3% on the day.