Gold closed down $25.5 on safe-haven selling pressure.

New York gold futures ended lower overnight (Nov 3) as investors sold gold as a safe haven asset. After the US released strong economic data. This includes more than expected private sector employment numbers in October. Meanwhile, investors were keeping an eye on the outcome of the Federal Reserve’s (Fed) monetary policy meeting, with the New York gold market closing in on trading before the Federal Reserve’s committee announced its resolution.

The COMEX (Commodity Exchange) gold contract will be delivered in December. It was down $25.5, or 1.43%, at $1,763.9 an ounce.

Silver metal contract for delivery in December It was down 27.6 cents, or 1.17%, at $23.231 an ounce.

Platinum contract delivered in Jan. It was down $16.8, or 1.62%, at $1,022.5/ounce.

Palladium contract delivered in December It was down $20.20, or 1%, at $1,987.20 an ounce.

Investors sold safe-haven assets after Automatic Data Processing, Inc. (ADP) and Moody’s Analytics said private sector jobs jumped 571,000 in October. which is the highest level since June from 523,000 positions in September and 395,000 jobs were higher than analysts had expected.

while IHS Markit revealed that Purchasing Managers Index (PMI) US Final Services rose to 58.7 in October, the highest level since July. from 54.9 in September

The US Department of Commerce said that U.S. factory orders rose 0.2% in September, higher than analysts had expected flat. or up 0% after rebounding 1.0% in August.

Investors await the outcome of the Fed’s monetary policy meeting. The New York gold market was closed for trading before the Fed committee released the meeting resolution.

Investors are also eyeing the release of non-farm payrolls for the month of October in the United States on Friday. While analysts predicted that Employment figures to jump 450,000 in October After adding only 194,000 jobs in September The unemployment rate in October is expected to fall to 4.7% from 4.8% in September.