While geopolitical concerns contributed as well to the precious metal's rise, some positive global equity markets also appear to be limiting the demand for gold to an extent.
Private sector employment in the US increased by much more than anticipated in June -- the biggest monthly increase in employment since November of 2012, a report from payroll processor ADP showed Wednesday. Meanwhile, new orders for US manufactured goods fell more than expected in May, due partly to a sharp pullback in orders for transportation equipment, according to a
Gold for August delivery, the most actively traded contract, gained
Gold for August delivery scaled an intraday high of
On Tuesday, gold futures ended at a two-month high, with traders opting for the safe haven appeal of the precious metal after some soft data from the US
The dollar index, which tracks the US unit against six major currencies, traded at 79.96 on Wednesday, up from its previous close of 79.82 late Tuesday in North American trade. The dollar scaled a high of 80.00 intraday and a low of 79.80.
The euro traded lower against the dollar at
On the economic front, a report from ADP showed private-sector hiring in the US to have picked up in June, with employers adding 281,000 jobs. The consensus estimate called for an addition of 213,000 jobs following additions of 179,000 jobs in May. This is the biggest monthly increase in employment since November of 2012.
Meanwhile, data released by the
Producer prices in the euro area declined at a slower pace, with industrial producer prices in the domestic market dropping 1.0% year-on-year in May, slower than April's 1.2% decline. This is in line with economists' expectations.
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