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Gold price falling on the background better than expected data on employment growth in the private sector of the U.S. economy in April.
As recent data submitted Automatic Data Processing (ADP), in April, private sector employment increased markedly , thereby exceeded the predicted value . According to a report last month, the number of employees increased by 220 thousand people, compared with upwardly revised figure for the previous month's level of 209 thousand (originally reported growth of 191 thousand ) . According to the average forecast of this indicator would grow to 212 thousand
Falling prices for precious metals limits statistics on U.S. GDP for the first quarter. The U.S. economy slowed in the first quarter , showing at the same time one of the weakest pace of recovery over five years , which was associated with severe weather conditions, which adversely affected the volume of business investment . This was stated in the report of the Ministry of Commerce . According to the gross domestic product rose a seasonally adjusted 0.1 % in the first quarter. Economists had forecast an increase of 1.1%.
Weak economic data reinforce uncertainty about further action under Fed QE3. "Most of the weak economic growth is associated with the fall in exports and inventories due to weather conditions . In the second quarter we can expect the pace of recovery , "- says UBS Securities economist Samuel Coffin . According to Coffin , the regulator will continue to reduce the amount of assets and redemption of points to natural factor as the main " culprit " problems in the economy in January-March .
June futures on COMEX gold fell to $ 1284.90 .