WASHINGTON (dpa-AFX) - Gold prices moved higher on Thursday as the dollar weakened and bond yields dropped after data showing a much less than expected addition of jobs in U.S. private sector raised concerns about the outlook for growth in the world's largest economy.
The dollar index, which dropped to 100.996 after the release of the latest batch of economic data, recovered to 101.37 before retreating to 101.12, down by about 0.25% from Wednesday's close.
Gold futures for September ended higher by $18.00 or about 0.72% at $2,511.40 an ounce.
Silver futures for September settled at $28.720 an ounce, gaining $0.553 or nearly 2%.
Copper futures for September climbed to $4.0720 per pound, gaining $0.0525.
Payroll processor ADP released a report showing private sector employment in the U.S. increased by much less than expected in the month of August.
ADP said private sector employment rose by 99,000 jobs in August after climbing by a downwardly revised 111,000 jobs in July.
Economists had expected private sector employment to jump by 145,000 jobs compared to the addition of 122,000 jobs originally reported for the previous month.
Data from the Labor Department said initial jobless claims dipped to 227,000 in the week ended August 31st, a decrease of 5,000 from the previous week's revised level of 232,000.
Economists had expected jobless claims to edge down to 230,000 from the 231,000 originally reported for the previous week.
Another report from the Labor Department showed labor productivity in U.S. jumped by more than previously estimated in the second quarter, surging by 2.5%, compared to the previously reported 2.3% increase. Economists expected the pace of productivity growth to be unrevised. Meanwhile, unit labor costs rose by less than previously estimated.
The Institute for Supply Management released a report showing a slight uptick in U.S. service sector activity in the month of August. The ISM said its services PMI inched up to 51.5 in August from 51.4 in July, with a reading above 50 indicating growth in the sector. Economists had expected the index to edge down to 51.1.
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