Gold prices rise in late afternoon trade in Europe after the latest U.S. job data showed private payrolls growth was less than expected in November, reflecting a slowing labor market.
The yellow metal's futures trade 0.4% higher at $2,679.50 a troy ounce, while the U.S. dollar slightly retreated against a basket of other major currencies. The U.S. private sector added 146,000 jobs last month--down from a revised 184,000 a month prior and against expectations of 163,000--possibly strengthening the case for a December rate cut. The report comes ahead of Fed Chair Jerome Powell's remarks later on Wednesday and U.S. nonfarm payrolls data on Friday.
Source : Dow Jones Newswires
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