September 25, 2017

MTECHTIPS:-Gold drops to session lows after strong ADP jobs data; Fed ahead

MTECHTIPS- Gold prices declined in North American morning trade on Wednesday, falling to the lowest levels of the session after data showed that private sector employers added much more jobs than expected in January. Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $3.65, or around 0.3%, to $1,207.75 a troy ounce by 8:55 AM ET (13:55 GMT), after rallying $15.40, or about 1.3%, a day earlier. Prices of the yellow metal rose to a one-week high of $1,217.40 on Tuesday. Payroll processing firm ADP said non-farm private employment rose by 246,000 last month, easily surpassing forecasts for an increase of 165,000. Besides the employment data, the ISM will publish its manufacturing survey for January at 10:00 AM ET (15:00 GMT). Traders are also focusing on the outcome of the Federal Reserve’s two-day policy meeting for further clues on the timing of the next rate hike. The U.S. central bank is expected to keep interest rates unchanged when it announces its decision at 2:00 PM ET (19:00 GMT) Wednesday, as policymakers await greater clarity on Trump’s economic policies.The Fed projected at least three rate increases for 2017. However, traders remained unconvinced. Instead, markets are pricing in just two rate hikes during the course of this year, according to Investing.com’s Fed Rate Monitor Tool

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