Gold trades higher after ADP says 192K jobs were created in April

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Gold trades higher after ADP says 192K jobs were created in April
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- The gold market is trading in positive territory on Wednesday morning as the U.S. labor market continues to fire on all cylinders, according to private sector payrolls processor ADP. - Gold and silver prices are posting modest, corrective price advances in early U.S. trading Wednesday, following this week’s sharp losses. - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher.

- Optimism regarding the health of the U.S. economy remains relatively upbeat, with many economists seeing the chance of a recession as unlikely as the U.S. labor market remains robust. - Wednesday, May 1—May bitcoin futures prices are lower again and hit a two-month low in early U.S. trading Wednesday.Gold is the cornerstone of stability as government debt rises out of control - abrdn’s Minter

- The gold market continues to see significant selling pressure as investors capitulate to the idea that the Federal Reserve will maintain its restrictive monetary policy longer than expected.The gold market is testing critical support just above $2,300 an ounce and is down more than 2% on the first day of the Federal Reserve's monetary policy meeting. Gold has lost nearly 6% after hitting a record high above $2,448 an ounce three weeks ago.

Choi Wan-ho, head of the management planning team at the Bank of Korea's foreign capital management agency, published an article on the BOK's blog on April 30 in which he explained the reasoning behind the central bank’s reticence to buy gold.Bank of Korea chooses U.S. dollar’s liquidity over gold’s safety but will buy when needs and prices align

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