New York Mercantile Exchange (COMEX) price of gold futures on Wednesday (5) record low of three weeks, the dollar prices and strong U.S. employment data suppressed civil city of safe-haven buying in gold. However, the gold from the intraday low hit earlier, as investors chose bargains.
Data showed the U.S. private employment growth in December was much higher than expected U.S. data boost, making dollar-denominated commodities more expensive.
Private employment service agencies, according to ADP Employer Services report released Wednesday, the United States in December increased by 29.7 million people employed population is estimated to increase by 10 million people. November from a revised increase of 9.2 million, an initial value of 9.3 million. The data prompted a rebound in commodity prices across the board yesterday, commodity prices recorded the biggest drop in seven weeks since the one-day drop.
Team Asset Strategy Fund Portfolio Manager James Dailey said the improved economic performance in the New Year is the main reason for the price of gold fell.
COMEX 2 December gold contract fell $ 5.10, or 0.4%, to 1,373.70 dollars / ounce, after trading between 1,364-1,385.20 U.S. dollars / ounce.