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Gold Prices Surge as ADP Reports 192K Jobs Added in April

6 months ago
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The gold market is doing well this Wednesday morning because the U.S. job market is performing strongly, according to ADP, a company that tracks private sector payrolls.

ADP announced that last month, 192,000 new jobs were created, which is more than what experts expected. In fact, they had predicted only 175,000 new jobs. Even better, they revised the March numbers upward from 184,000 to 208,000.

Nela Richardson, ADP’s chief economist, mentioned that in April, hiring was strong across different industries, except for the information sector (which includes telecommunications, media, and IT). Unfortunately, this sector saw job losses and the slowest pay increases since August 2021.

Because of this positive jobs report, the price of gold went up. Currently, it’s trading at $2,296.30 per ounce, marking a 0.44% increase for the day.

The report also mentioned that annual wages went up by 5% compared to last year. This increase adds to concerns about inflation, meaning the overall rising prices of goods and services. The report noted that while the pay growth for job changers fell slightly from 10.1% in March to 9.3%, it’s still higher than at the beginning of the year.

Job growth was seen across different sectors. The service-providing industry led the way with 145,000 new jobs, especially in leisure & hospitality, trade, transportation & utilities, education & health services, professional & business services, and financial activities. The goods-producing sector also contributed with 47,000 new jobs, mainly in construction, manufacturing, and natural resources & mining.

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