Gold prices on Wednesday edged modestly higher as investors watched for data on private-sector employment in the U.S., a report that could help to set the tone for risk appetite on Wall Street after reports on domestic and global manufacturing helped to spur a flight to assets perceived as havens.
Gold for December delivery on Comex gained $3.30, or 0.2%, to reach $1,492.30 an ounce, after advancing 1.1% on Tuesday. Meanwhile, December silver picked up 3 cents, or 0.2%, to $17.335 an ounce.
Automatic Data Processing Inc.’s private-sector employment report for signs of weakness in the U.S. economy after the Institute for Supply Management’s survey on manufacturing registered at 47.8, down from 49.1 in July, below the 50.2 estimated by economists polled by MarketWatch, representing the worst reading since June 2009. Any reading below 50 indicates contraction.
Source : Market Watch