Gold trims gains after bright ADP employment data
Gold price (XAU/USD) is pulling back after having reached fresh record highs Wednesday. The US ADP Employment report has beat expectations, tackling investors' doubts triggered by Tuesday's JOLTS Job Openings report and giving a fresh boost to the US Dollar
Somewhat later the US Gross Domestic Product (GDP) showed a 2.8% yearly growth, below the 3% expected but still at levels consistent with healthy growth. Apart from that, Personal Consumption maintains a strong growing pace, which confirms that the economy remains solid.
The positive US data has pushed US Treasury yields higher, although the outlook on the Federal Reserve's (Fed) monetary policy plans did not change. The market is nearly fully pricing a 25 bps rate cut next week, and most likely another one in December.
Source: FXstreet