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Gold Steadies After Recent Drubbing; Jobs In Focus

Gold prices were flat Wednesday morning, staying near yesterday's 4-month lows after a key prelude to the government's U.S. jobs report.

Employment in the U.S. private sector increased by slightly more than expected in the month of November, payroll processor ADP revealed in a report released on Wednesday.

ADP said private sector employment climbed by 190,000 jobs in November after surging up by 235,000 jobs in October. Economists had expected an increase of about 185,000 jobs.

Upbeat jobs data cements expectations for the Federal Reserve to raise interest rates in December and again in early 2018.

Gold was up $2.80 at $1267 an ounce, buttressed by concerns that stocks are overvalued after skyrocketing to record highs.

by RTT Staff Writer

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