Gold Steady as ADP Miss Triggers Trump Fed Criticism

Gold Steady as ADP Miss Triggers Trump Fed Criticism

Gold stabilizes despite poor jobs data and political pressure on the Fed

Gold (XAU/USD) prices are holding firm around the $3,350 mark after the release of weaker-than-expected US private-sector employment data and an outspoken response from President Donald Trump, who criticized the Federal Reserve’s delayed response to economic weakness.

ADP Employment Miss: Only 37,000 Jobs Added in May

The latest ADP Employment Change report showed that just 37,000 private sector jobs were created in May—well below the market forecast of 115,000. This marked the weakest print since March 2023 and reflects signs of cooling momentum in the US labor market.

Trump Responds: Fed 'Too Late' to Act

In a Truth Social post, President Trump lashed out at Fed Chair Jerome Powell, stating:

"ADP NUMBER OUT!!! 'Too Late' Powell now must LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES."

Markets interpreted the message as further pressure on the Fed to begin cutting interest rates amid softer economic data. However, no official signal has yet been issued from the central bank regarding imminent rate adjustments.

Gold Traders Eye NFP for Confirmation

Despite the disappointing ADP data, gold remains in a tight range, struggling to extend gains but also not losing ground. Technical support around $3,350 has so far held firm.

Traders are now focused on Friday’s Nonfarm Payrolls (NFP) data, which could either reinforce or counter the weak ADP narrative and ultimately shape short-term direction for both gold and the US Dollar.

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