WASHINGTON (dpa-AFX) - Gold futures settled lower on Wednesday as the dollar gained in strength amid waning optimism the Federal Reserve will continue to aggressively lower interest rates.
The dollar index, which climbed to 101.69, eased slightly to 101.58, but remained well above the flat line, gaining nearly 0.4%.
Data showing a notable increase in private sector jobs in the month of September aided the dollar's surge.
Gold futures for October ended down $20.20 or about 0.76% at $2,647.10 an ounce.
Silver futures for October closed up $0.183 or about 0.6% at $31.628 an ounce, while Copper futures for October climbed to $4.5930 per pound, gaining $0.0575 or about 1.3%.
The report from payroll processor ADP showed private sector employment climbed by 143,000 jobs in September after rising by an upwardly revised 103,000 jobs in August. Economists had expected private sector employment to advance by 120,000 jobs compared to the addition of 99,000 jobs originally reported for the previous month.
Investors now look ahead to the Labor Department's closely watched report on employment in the month of September.
Economists currently expect the report to show employment rose by 140,000 jobs in September after climbing by 142,000 jobs in August, while the unemployment rate is expected to hold at 4.2%.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
