WASHINGTON (dpa-AFX) - Gold futures settled higher on Wednesday, gaining for a third straight session, as the dollar drifted lower again amid concerns about growth due to higher tariffs.
It is feared that the 'tariffs on steroids' agenda of U.S. President Donald Trump could result in a surge in inflation and push the global economy into recession.
The dollar index dropped to 104.35 before recovering to 104.50, still down sharply by about 1.2% from previous close.
Gold futures for March ended higher by $5.70 or about 0.2% at $2,915.30 an ounce.
Silver futures for March settled at $32.858 an ounce, gaining $0.750 or 2.34%, while Copper futures for March climbed to $4.7640 per pound, up $0.2365 or 5.22%.
A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by much less than expected in the month of February, rising by 77,000 jobs, after climbing by an upwardly revised 186,000 jobs in January.
Economists had expected private sector employment to grow by 140,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month.
The Institute for Supply Management released a report on Wednesday showing an unexpected uptick by its reading on U.S. service sector activity in the month of February. The ISM said its services PMI inched up to 53.5 in February from 52.8 in January, with a reading above 50 indicating growth. Economists had expected the index to edge down to 52.6.
Data from the Commerce Department said factory orders shot up by 1.7% in January after falling by a revised 0.6% in December. Economists had expected factory orders to jump by 1.6%.
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