Gold Finds Support as Soft ADP payrolls Sustain Fed Rate-Hike Bets

Gold steadied near $4,335/oz after ADP reported August private payrolls rose only 38,000—a softer pace than expected and the slowest since January—raising questions about the U.S. labor market. The data keeps odds of a Sept. 16 Federal Reserve rate hike around 60%+ and fuels debate on policy, with some analysts saying weaker hiring could be supportive for gold if rate-hike expectations ease, while others caution that the upcoming NFP data will be decisive. Wage growth cooled modestly for workers changing jobs, while pay for those staying held at 3% annually. Overall, limited buying interest in gold persists despite the softer data, as traders weigh the risk of higher rates against gold’s appeal as a hedge.