Investing.com – Gold prices trimmed gains on Wednesday, after the release of upbeat U.S. employment data pushed the dollar higher and as investors were still eyeing the conclusion of the Federal Reserve’s monthly policy meeting.
Comex gold futures were up 0.50% or about $6.22 at $1,276.61 a troy ounce by 08:35 a.m. ET (12:35 GMT), off session highs of $1,281.86.
The dollar strengthened after payrolls processor ADP said U.S. private employers added 235,000 jobs in October, beating economists’ expectations.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.21% at 94.65.
Later Wednesday, the Fed was expected to leave interest rates unchanged at the conclusion of its two-day policy meeting, but investors were waiting for any indications that it will resume raising rates next month as expected, and the timing of any rate hikes in 2018.
U.S. President Donald Trump was also expected to announce his pick for the next chair of the Fed on Thursday. While there are five key candidates, Fed Governor Jerome Powell is seen as a potential winner.
Elsewhere on the Comex, silver futures rallied 1.29% to $16.92 a troy ounce.