(MENAFN- ProactiveInvestors)Investors tried to get their heads around a barrage of economic data from the US today keeping gold in check. On the one hand the number of private sector jobs created in the US last month rose to around 190000 from 177000 in July according to payroll firm ADP a figure one commentator described as 'rock-solid'. ADP's number is seen as a pre-cursor to Friday's non-farm payroll data a key figure for market watchers to gauge the health of the US economy. Analysts are expecting non-farm payrolls to show a rise of 213000 jobs last month close to the gain of 215000 in July. It might prompt the Fed to raise interest rates at their meeting on September 17 which all things being equal is a negative thing for gold as it is a non-yielding asset. Meanwhile US productivity rose 3.3% in the second quarter the fastest pace since the end of 2013. The dramatic increase was well ahead of estimates of 1.3% while unit-labour costs fell 1.4% in the second quarter having risen 0.5% the previous quarter. Craig Erlam at Oanda said: 'The question that the Fed will face is whether they expect it to persist as this will weigh on the inflation outlook with companies seeking to keep prices low.' All the Fed requires he said is evidence that future inflationary pressures exist. 'It is very clear that the inflation part of the Fed's dual mandate is what is standing in the way of a rate hike rather than employment' Erlam added. Gold was trading at flat at US$1140 today. Elsewhere silver was 0.3% higher at US$14.67 while platinum gained 1.35% to US$1016. Major shares Randgold Resources down 22p to 3904 Fresnillo up 7p to 608p Anglo American up 16p to 700p.
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