Gold Hovers Near 9-Mo. Low as Economic Report Pace Picks Up

by Kitco NEws |  |  published on October 1, 2014

Gold prices are steady to slightly lower and trading near this week’s nine-month low in early U.S. dealings Wednesday. The economic report schedule picks up steam starting Wednesday, with the highlight of the week being Friday’s U.S. employment report. December Comex gold was last down $2.00 at $1,209.40 an ounce. Spot gold was last quoted up $0.10 at $1,209.30. December Comex silver last traded down $0.017 at $17.04 an ounce.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, construction spending, the ISM manufacturing report on business, the global manufacturing purchasing managers index, the weekly DOE liquid energy stock report, and domestic auto industry sales.

The ADP report was just released and showed a rise of 213,000 private sector jobs in September, which is in line to just a bit higher than trade expectations. The gold and silver markets saw little reaction to that report.

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