Gold price declined as the global stock markets and the U.S. dollar increased. The U.S. dollar rose against other currencies on the U.S. economic data. The U.S. Labor Department released its revised non-farm productivity figures on Wednesday. Revised productivity in the U.S. non-farm businesses rose at a 3.3% annual rate in the second quarter, up from the preliminary reading of a 1.3% increase, after a 1.1% drop in the first quarter.
The upward revision was driven by higher output, which rose 4.7% in the second quarter, up from the preliminary reading of a 2.8% gain.
Private sector in the U.S. added 190,000 jobs in August, according the ADP report on Wednesday. July's figure was revised down to 177,000 jobs from a previous reading of 185,000 jobs.
Analysts expected the private sector to add 201,000 jobs.
Official labour market data will be released on Friday. Analysts expect that U.S. unemployment rate is expected to decline to 5.2% in August from 5.3% in July. The U.S. economy is expected to add 220,000 jobs in August, after adding 215,000 jobs in July.
October futures for gold on the COMEX today fell to 1131.10 dollars per ounce.