Gold gains as U.S. dollar, yields dip after ADP jobs data

  • Gold extends gains to a third straight session
  • Private payrolls dropped by 301,000 jobs in January
  • Dollar hits over 1-week low, Treasury yields edge lower
  • Markets await ECB, BoE meetings on Thursday

Feb 2 (Reuters) – Gold rose on Wednesday as the U.S. dollar and Treasury yields declined after a downbeat jobs report, underpinning demand for the safe-haven metal amid simmering tensions between Russia and the West over Ukraine.

Spot gold gained 0.3% at $1,805.35 per ounce by 10:20 a.m. EST (1520 GMT). U.S. gold futures rose 0.1% to $1,804.10.

Gold is still hovering above $1,800 and a lot of that has to do with Treasury yields having been “exhausted” and with the dollar still near today’s lows after the private payrolls data, said Edward Moya, senior market analyst at brokerage OANDA.

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An employment report from ADP showed U.S. private payrolls unexpectedly fell in January, pressuring the dollar and…

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