Investing.com - Gold and silver prices rose sharply on Wednesday, after data showed that U.S. non-farm private employment rose less-than-expected in March.
On the Comex division of the New York Mercantile Exchange, gold for June delivery rose to a session high of $1,293.60 a troy ounce, the strongest level since March 31.
Gold last traded at $1,292.30 an ounce during U.S. morning hours, up 0.96%, or $12.30. Prices fell to $1,277.40 an ounce on Tuesday, the lowest since February 11, before trimming losses to settle at $1,280.00, down 0.3%, or $3.80.
Gold futures were likely to find support at $1,273.70 a troy ounce, the low from February 11 and resistance at $1,299.30, the high from March 31.
Meanwhile, silver for May delivery jumped 1.71%, or 33.7 cents, to trade at $20.02 a troy ounce. Silver ended Tuesday’s session down 0.32%, or 6.4 cents, to settle at $19.68 an ounce.
Silver futures were likely to find support at $19.62 an ounce, the low from March 28 and resistance at $20.21, the high from March 25.
Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 191,000 last month, below expectations for an increase of 195,000.
While not viewed as a reliable guide for the government jobs report due on Friday, April 4, it does give guidance on private-sector hiring.
Gold and silver have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
On Monday, Federal Reserve Chair Janet Yellen said that there is still room for the central bank to help the economy and reiterated that the Fed’s commitment to economic stimulus will still be needed for some time.
Elsewhere on the Comex, copper for May delivery rallied 1.21%, or 3.7 cents, to trade at a three-week high of $3.071 a pound amid concerns over a disruption to global supplies following a deadly earthquake in Chile.
Chile is the world’s biggest producer of the red metal, providing almost a third of the world's supply.