Gold Surges on Surprise Inflation Miss

Gold prices surged to $4,209.95 an ounce on Wednesday, marking a 0.67% increase for the day. Meanwhile, silver slipped to $61.13, down 0.54%. The ADP National Employment Report showed that private employers added 90,000 jobs in September, beating the 70,000 consensus forecast.

This was followed by the Bureau of Economic Analysis's report on core PCE inflation, which rose 3.0% year-over-year, missing the 3.3% forecast. The surprise inflation miss is what drove gold prices up today, not the jobs beat.

The jobs report showed a pickup in hiring since May, but it didn't spread evenly across all sectors. Education and health care added 55,000 jobs, while leisure and hospitality added 22,000. However, financial activities lost 16,000 jobs, and professional and business services lost 11,000.