Gold price rebounded to $1,538 after a disappointing employment report from ADP Employer Services

After falling as low as $1,529 per ounce Wednesday morning, the gold price rebounded to $1,538 after a disappointing employment report from ADP Employer Services. According to ADP, 38,000 jobs were created in May – the smallest increase in eight months. Gold price have been supported by the weak labor market, which continues to provide fuel for Chairman Bernanke and his dovish majority on the Federal Reserve to maintain the central bank’s zero interest rate policy. Silver, despite trading off 0.6% this morning, bounced alongside the price of gold to $38.10 per ounce on the back of the soft jobs report.

The gold price dipped $3.07 to $1,535.60 yesterday amid speculation that European governments will pledge additional financial aid to Greece. In contrast to the gold price, silver advanced $0.39, or 1.0%, to $38.51 per ounce, fueled by a broad-based rally in cyclical commodities. Optimism surrounding the Greek bailout package boosted risk appetites and helped send the euro higher by 0.7% to 1.4388 against the U.S. dollar.