Forex Today: Gold surges above $4,240 as US labor data crumbles
Metals were the biggest earners of the day on Wednesday, with Gold surging more than 4% to trade near $4,247 per troy ounce and Silver rallying almost 5% toward $62.20 amid a softer-than-expected US labor market report, with a slowdown in private hiring.
On Wednesday, gold surged above $4,240 amid disappointing US labor data, while silver rallied almost 5% towards $62.20. The US labor market report showed a slowdown in private hiring, with ADP private payrolls rising by just 44K in July, falling short of the 70K forecast. The ISM Services PMI also came in lower than expected at 54.1.
The employment sub-index dropped to 47.4 from 51.2, indicating that the hiring slowdown is not limited to a single survey. The US Dollar Index (DXY) eased by 0.16%, trading near 99.70, as the conflict in the US-Iran war appeared to be de-escalating. The British Pound posted new two-day highs against the US Dollar, while EUR/USD and USD/CAD both advanced around 0.15% and 0.35%, respectively.
West Texas Intermediate (WTI) oil remained steady at around $75.08 per barrel as market participants awaited further clarity on the Hormuz agreement.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written; read the original for the full account.
