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Gold prices under pressure after ADP says 278K jobs created in May; US labor market remains healthy but wage growth falling

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Gold prices under pressure after ADP says 278K jobs created in May, US labor market remains healthy

- The gold market is seeing some selling pressure as the U.S. labor market continues to fire on all cylinders, with private-sector jobs increasing more than expected last month, according to the latest employment report from payroll processor ADP.

However, the threat of spiraling wage inflation appears to be muted, as the report noted that wages continue to fall. The gold market is losing ground after seeing a solid bounce off a two-month low at the start of the week. June gold futures last traded at $1,959.30 an ounce, down 0.23% on the day.

 

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