Gold price fell on a stronger U.S. dollar. The U.S. dollar rose against other currencies on comments by the Fed Chairwoman Janet Yellen. She said that the interest rate hike this year is still possible, adding that the decision has not been made yet. Yellen pointed out that the Fed's decision will be depend on the incoming economic data. The Fed chairwoman noted that the U.S. economy is performing well.
Market participants eyed the U.S. economic data. Private sector in the U.S. added 182,000 jobs in October, according the ADP report on Wednesday. September's figure was revised down to 190,000 jobs from a previous reading of 200,000 jobs. Analysts expected the private sector to add 180,000 jobs.
The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Wednesday. The index climbed to 59.1 in October from 56.9 in September, beating expectations for a decrease to 56.5.
Market participants are awaiting the release of the U.S. labour market data on Friday. The U.S. unemployment rate is expected to remain unchanged at 5.1% in October. The U.S. economy is expected to add 180,000 jobs in October, after adding 142,000 jobs in September.
December futures for gold on the COMEX today declined to 1113.50 dollars per ounce.