WASHINGTON (dpa-AFX) - Gold prices are slightly lower Wednesday morning, ahead of release of U.S. private sector payrolls data.
Gold has been losing ground amid renewed speculation the U.S. Federal Reserve will announce a rate hike soon and on lingering concerns about a slowdown in China.
The ADP is set to release its private payrolls report for September at 8:15 am ET. It is expected that the private sector may have added 200,000 jobs in September following the addition of 204,000 jobs in August.
Traders are also looking ahead to a few other economic reports including the results of Institute for Supply Management's national manufacturing survey.
Traders are closely watching the situation in Syria. According to reports, nearly 20 people, most of them children, have been killed as explosions rocked the central city of Homs.
Gold futures for December are down $1.80 or 0.15 percent at $1,209.80
On Tuesday, gold futures ended down $7.20 or 0.6 percent at $1,211.50 an ounce, after declining to a nine-month low of $1,204.30 an ounce. Gold shed 5.7 percent in September.
Silver for December is down $0.009 or 0.05 percent at $17.048 an ounce. Meanwhile, copper is up $0.035 or 1.18 percent at $3.043 per pound, after sliding to a five-month low of $3.000 per pound.
At 9:45 am ET, Markit will release the final results of its manufacturing survey for the U.S. The results of the Institute of Supply Management's national manufacturing survey will be out at 10 am ET. Around the same time, the U.S. Commerce Department will release its construction spending report for August.
In economic news from the euro zone, a report from Markit Economics showed the euro zone manufacturing moved closer to stagnation in September as German factory sector contracted for the first time in 15 months.
Germany's manufacturing Purchasing Managers' Index falling to 50.3 from a score of 50.7 in August.
The European Central Bank will come out with its monetary policy Thursday. It is widely expected that ECB will announce measures to spur growth.
Copyright RTT News/dpa-AFX