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MTECHTIPS:-Gold cuts losses after ADP jobs report disappoints

MTECHTIPS:-Gold cuts losses after ADP jobs report disappoints

Gold prices came off the lowest levels of the session on Wednesday, after data showed that U.S. non-farm private employment rose less than expected in July, dampening optimism over the strength of the economy and fanning hopes that the Federal Reserve could delay raising interest rates until the very end of 2015 Gold futures for December delivery on the Comex division of the New York Mercantile Exchange dipped $1.00, or 0.09%, to trade at $1,089.70 a troy ounce during U.S. morning hours after hitting a session low of $1,083.40 overnight. A day earlier, gold inched up $1.30, or 0.12%, to close at $1,090.70. Futures fell to a five-and-a-half year low of $1,072.30 on July 24. Gold prices lost $79.50, or 6.72%, in July, the biggest monthly decline since June 2013. Payroll processing firm ADP said earlier that non-farm private employment rose by 185,000 last month, below expectations for an increase of 215,000. The economy created 229,000 jobs in June, whose figure was downwardly revised from a previously reported increase of 237,000. While not viewed as a reliable guide for the government jobs report due on Friday, July 7, it does give guidance on private-sector hiring.
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