(Kitco News) - After seeing significant selling pressure since the start of the week, the gold market is trying to find some solid ground as the private sector created fewer jobs than expected in August.
Private-sector payroll processor ADP said Wednesday that 38,000 jobs were created in August, down from 46,000 in July. The data came in weaker than expected, as consensus estimates had forecast a gain of 47,000 jobs.
The report said this was the slowest pace of job creation since January. The manufacturing sector led the broader economy in job losses, while professional services and information also shed workers.
The gold market is seeing limited buying interest in the initial reaction to the disappointing labor market data. Spot gold last traded at $4,335.20 an ounce, up 0.20% on the day.
