Gold, silver prices rebound as ADP miss cools Fed-hike trade - Kitco PM Report - KITCO
Gold, silver prices rebound as ADP miss cools Fed-hike trade - Kitco PM Report - KITCO
Source: KITCO
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DW NOTE
ADP employment data came in weaker than expected, and traders immediately priced out part of the September hike that three FOMC dissenters were already voting for last month. Gold rose on the softer print. The logic: if hiring slows, the Fed might hold at 3.5%-3.75% instead of tightening into a labor market that's finally cooling. But the PPI is still running at 5.51% YoY, and crude just jumped 9% this week with Hormuz still closed. One jobs miss doesn't overturn that.