In economic news, a report from payroll processor ADP on Thursday showed another notable increase in US private sector employment in August, although the pace of job growth was once again below economists' estimates.
Meanwhile, US service sector activity expanded for the fifty-fifth consecutive month in August, a report from the
Labor productivity in the US increased 2.3%, albeit less than estimated in the second quarter, a
In a surprise move, the
The central bank also reduced its deposit facility rate to -0.2%. The marginal lending rate has been cut to 0.3% from 0.4% earlier. Markets are now looking ahead to the post meeting comments from the ECB President
Meanwhile, the Bank of
Gold for December delivery, the most actively traded contract, dropped
Gold for December delivery scaled an intraday high of
On Wednesday, gold futures ended higher on bargain hunting after suffering a severe setback a day earlier on some upbeat US economic data.
The dollar index, which tracks the US unit against six major currencies, traded at 83.76 on Thursday, up from its previous close of 82.85 late Wednesday in North American trade. The dollar scaled a high of 83.87 intraday and a low of 82.84.
The euro trended lower against the dollar at
In economic news from the US, private sector employment rose less than expected with 204,000 jobs in August following a downwardly revised increase of 212,000 jobs in July, data released by ADP showed. Economists expected jobs to rise by about 220,000 in the month.
According to a report from the
Meanwhile, labor productivity in the US increased by less than previously estimated in the second quarter, rising 2.3%. Earlier estimates had pegged productivity growth at 2.5%. The report also said unit labor costs edged down by a revised 0.1% in the second quarter versus the 0.6% increase originally reported.
A report from the
The inflation outlook for 2014 was cut to 0.6% from 0.7%, while projections for 2015 and 2016 were retained at 1.1% and 1.4%, respectively.
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