Gold Edges Up on a Weaker Dollar as U.S. Private Sector Hiring Slowed in May
Oil edged up early on Wednesday as the dollar fell after a report showed U.S. private-sector hiring plunged last month. Gold for August delivery was last seen up $4.50 to US$3.381.60 per ounce.
The ADP Employment Report showed the U.S. private sector added just 37,000 new jobs in May, the least since March 2003, and well below the 60,000 positions added in April and the consensus estimate for a rise of 110,000 jobs, according to Marketwatch.
"After a strong start to the year, hiring is losing momentum," ADP chief economist Nela Richardson said in a release.
The broader U.S. employment report will be released by the Bureau of Labor Statistics on Friday, with the consensus estimate expecting employers added 125,000 jobs in May, down from 177,000 a month earlier.
The dollar fell following the ADP report, with the ICE dollar index last seen down 0.25 points to 98.98. Treasury yields also fell, with the U.S. two-year note last seen paying 3.93%, down 3.3 basis points, while the yield on the 10-year note was down 5.2 points to 4.418%.
Source: MTN newswires
