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1st LD Writethru: Gold drops on upbeat economic data, stock market rally

Xinhua, September 3, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange dropped slightly on Wednesday as a private report provided a boost to U.S. dollar while investors turned to the stock market.

The most active gold contract for December delivery lost 6.2 U.S. dollars, or 0.54 percent, to settle at 1,133.60 dollars per ounce.

U.S. private companies added 190,000 jobs in August, up from a downwardly revised 177,000 in the previous month, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody's Analytics, based on a monthly survey. Analysts said this data pushed U.S. dollar higher, pressing dollar-denominated gold lower.

The private report signaling U.S. employment growth also added to speculation that the Federal Reserve is getting closer to raising interest rates, the Bloomberg News said Wednesday.

Gold was put under additional pressure as investors turned to stock market. U.S. stocks traded higher in the morning session Wednesday, while FTSE 100 Index, a gauge of the British benchmark stock market, increased by 0.41 percent Wednesday.

As for other metals on the COMEX, silver for December delivery rose 4.7 cents, or 0.32 percent, to close at 14.667 dollars per ounce. Platinum for October delivery added 5.2 dollars, or 0.52 percent, to close at 1,013.60 dollars per ounce. Enditem