Gold At $1,200 Ahead Of Crucial Economic Data

(RTTNews) - Gold prices are slightly higher Wednesday morning, finding modest support after plunging sharply in the previous session.

Traders are looking ahead to a slew of crucial U.S. economic data, including the private sector payrolls report from ADP.

Gold futures for February are up $1.30 or 0.11 percent at $1,200.70 an ounce.

On Tuesday, gold futures ended down $18.70 or 1.5 percent at $1,199.40 an ounce.

A stronger dollar and some weak data from eurozone, including a report showing eurozone area producer prices to have declined at its fastest in 18 months in October contributed to the yellow metal's decline.

Silver for March is down $0.068 or 0.41 percent at $16.388 an ounce. Meanwhile, copper is down $0.017 or 0.55 percent at $2.875 per pound.

At 8:15 am ET, ADP will release its private sector payrolls report for November. Economists expect private payrolls to have increased by 225,000 in November, roughly at the same pace as in the previous month.

The Labor Department will release its final third quarter productivity and costs report at 8:30 am ET.

At 9:45 am ET, Markit will come out with the final estimates of its U.S. non-farm manufacturing index for November. And, finally, the Institute for Supply Management is scheduled to release the results of its service sector survey at 10 am ET.

The markets also await a few speeches from Fed officials. Philadelphia Federal Reserve Bank President Charles Plosser will speak on the economic outlook in Charlotte, North Carolina at 12:30 pm ET.

Federal Reserve Governor Lael Brainard will speak in Washington at 2 pm ET and later in the day, at 7:30 pm ET, Dallas Federal Reserve Bank President Richard Fisher will speak in Dallas.