Gold is gathering momentum from various sources as we move deeper into August with the latest data adding to its strength coming from the latest private sector employment data.
According to the latest figures from payroll processing firm ADP, there were fewer new hires made in July than industry watchers had expected. While forecasts had called for as many as 695,000 new jobs, the actual figures fell far short at 330,00 jobs added.
With gold benefitting from economic turmoil provoked by the COVID-19 pandemic for the last 16 months, these latest figures show that the recovery is far from complete, creating further potential for gold to continue to gain strength over the remainder of the year.
In response to the data, gold prices gained 0.81% on the day, up to £1,318 ($1,832).