(Before It's News)
Gold surged to a fresh three month high on Wednesday as the dollar continued to retreat from last week’s Bank of Japan-driven rally, amid signals of slowing economic growth and decelerated job gains in the labor market. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,124.80 and $1,141.20, before settling at 1,140.00, up 13.40 or 1.19% on the session. Gold has closed higher by at least $10 an ounce in three of its last seven sessions. At one point on Wednesday, the precious metal reached its highest level since October 30. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,175.10, the high from Oct. 28. On Wednesday morning, the ADP Research Institute said in its January employment report that private payrolls last month rose by 205,000. While the figure came in above consensus estimates of 190,000, it fell considerably below December gains of 257,000. The ADP employment report is widely viewed as a precursor for the Department of Labor’s monthly assessment of the U.S. employment situation, which is released on the first Friday of every morning.
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