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Gold & Silver Suffer from ADP Employment Report

November 6, 2014 at 4:43 by Vladimir Vyun

Gold and silver extended decline today following yesterday’s better-than-expected private employment report from the United States. Automatic Data Processing estimated that US employers added 230,000 jobs in October, while the market was preparing for a figure in a neighborhood of 214,000. The data fueled speculations that the Federal Reserve will hike interest rates next year, resulting in a rally of the dollar and a drop of precious metals.

Another important piece of data will be released on Friday in the form of nonfarm payrolls. It is expected that the payrolls will show robust growth above 200,000, and if it is the case traders can expect another thrust down for gold and silver.

December futures for delivery of gold dropped 0.55 percent to $1,139.40 per troy ounce as of 4:37 GMT on COMEX today. Silver tumbled 1.22 percent to $15.25 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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