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MTECHTIPS:-Gold turns modestly higher after ADP miss
Gold shook off earlier weakness to trade modestly higher on Wednesday, after data showed that U.S. non-farm private employment rose less than expected in February. Payroll processing firm ADP said non-farm private employment rose by 212,000 last month, below expectations for an increase of 220,000. The economy created 250,000 jobs in January, whose figure was upwardly revised from a previously reported 213,000. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery ticked up $1.20, or 0.1%, to trade at $1,205.60 a troy ounce during U.S. morning hours. Prices were at $1,202.40 ahead of the data. Futures were likely to find support at $1,194.60, the low from March 3, and resistance at $1,223.00, the high from March 2. Traders now looked ahead to the release of the latest U.S. nonfarm payrolls report on Friday, for further indications on the strength of the recovery in the labor market. Market analysts expect the data to show that the U.S. economy added 240,000 jobs in February, slowing from a gain of 257,000 in January, while the unemployment rate was forecast to decline to 5.6% from 5.7%. A strong U.S. nonfarm payrolls report was likely to add to speculation over when the Federal Reserve will begin to raise interest rates, while a weak number could boost gold by undermining the argument for an early rate hike.
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