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Gold dips for second day as dollar flexes muscles
Gold prices fell on Wednesday for the second straight day as the dollar kept rising against major rivals, following stellar U.S. private sector jobs growth.
Gold last traded at $1,181.5 an ounce, down from the opening price of $1,188.2, with a session-high at $1,194.8, and a low at $1,178.5.
U.S. private sector jobs rose 216 thousand in November according to the ADP index, blowing past expectations of 161K, and way better than October's 147K.
Strong U.S. private sector performance bodes well for the coming official payrolls report on Friday, which would bolster the case for a Fed rate hike in December.
Negative pressures thereafter remain on the precious metal as analysts expect the Federal Reserve to hike rates, while demand climbs on risk assets like global stocks, and yield rises on bonds, which pushes investors away from gold, which registered its worst monthly performance since mid-2013.
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