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Gold extends rise as ADP jobs growth misses, oil prices ease

AI Market Summary
Gold extended gains after softer-than-expected ADP private payrolls data and lower oil prices reduced near-term inflation pressure and supported demand for defensive assets. With June nonfarm payrolls due next, rates expectations remain the key transmission channel: weaker labor data can ease real-yield pressure on bullion, while a firm report could quickly reprice Fed policy assumptions. Silver, platinum, and palladium also firmed.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.18%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold prices rose again on Thursday, with spot gold at $4,063.56 per ounce after touching $4,114.99 on Wednesday, its highest since June 23. The move followed an ADP report showing private payrolls rose by 98,000, below expectations of 118,000, and was supported by falling oil prices. Investors are awaiting June U.S. nonfarm payrolls data due later today to gauge the Federal Reserve’s policy path. Silver, platinum and palladium also advanced.
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