Gold Futures Advance After Weaker-than-expected U.S. Jobs Data

Gold futures prices held near seven-week highs on Wednesday, supported by a weaker U.S. dollar that traded lower after data showed fewer new jobs than expected were created in the United States in July.

Gold futures for September delivery advanced above $1270.00 per ounce in North American trading session after a report on ADP Nonfarm Employment Change showed a rise of 178K new nonfarm private employment jobs. However, the reading was short of the forecast of 187K and marked a decrease over June’s 191K.

The U.S. Labor Department will release its July nonfarm payrolls report on Friday which is expected to show jobs growth of 183,000 this month, following an increase of 222,000 in June. Unemployment rate is forecast to dip to 4.3% from 4.4% while average hourly earnings might have risen 0.3% after gaining 0.2% a month earlier.

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