Gold price capitalizes on weak US data, Fed policy hogs limelight

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• Gold price managed to recover some losses as the private payrolls failed to meet estimates.
• The Fed is expected to keep interest rates unchanged but will keep expectations of further policy tightening alive.
• Middle East tensions keep the broader appeal for Gold bullish.

Gold price (XAU/USD) recovered losses and turned positive on Wednesday after a two-day losing spell on weaker-than-anticipated United States Automatic Data Processing (ADP) and the Institute of Supply Management (ISM) Manufacturing PMI data for October. The US ADP reported that employers hired 113K job seekers, which were lower than expectations of 159K but significantly higher than the former reading of 89K. Meanwhile,  job openings rose significantly in September, as reported by the US Bureau of Labor Statistics (BLS). The agency reported that the number of job openings on the last business day of September stood at 9.55 million against 9.49 million (revised from 9.61 million) openings in August and market expectations of 9.25 million.