Gold is having a rough morning after two better-than-expected economic data releases and ahead of this afternoon’s FOMC statement on monetary policy from the Federal Reserve.
ADP’s monthly employment report, released at 8:15 AM, estimated that 200,000 private payrolls were created in the U.S. economy in the month of June. Economists were only looking for 180,000.
The first reading of Q2 GDP, out at 8:30, revealed that the economy expanded 1.7% at an annualized pace in the second quarter. The number topped the consensus estimate of 1.0% growth.
Right now, the shiny yellow metal is trading around $1310 an ounce, down 1.1%.