The prices of spot gold declined on Wednesday as investors readied for the release of the latest ADP private-sector jobs data that should point toward the size of the Federal Reserve's upcoming rate hike.
Inflation pressures across the US have seemingly eased judging by the weakening job openings data released yesterday, meaning the Fed's policy tightening could slow down in the coming months. Typically, interest rates have an inverse relationship with gold - price drops as rates grow.
Gold fell by 1.15% at 7:59 am ET to sell for $1,706.74 per ounce, while at the same time, silver plunged 3.73% to go for $20.28 an ounce. Platinum dropped 1.50%, selling for $920.54 an ounce, and palladium decreased 1.52%, going for $2,285.80 per ounce.
