[MARKET ANLYSIS] Gold slips as focus now turns to US ADP employment

• Precious metals have stalled following prior day gains, with the yellow metal slipping below the USD 5,000/oz mark and silver falling by 4.5%, though off worst levels seen during the APAC session. Analysts note that liquidity remains thin, particularly across metals. Focus now turns to US ADP employment figures, which could trigger volatility. Weaker jobs data could trigger a weaker USD, spurring the yellow metal and vice versa.
• Copper prices remain subdued, largely amid the mixed global risk tone and the closure of the Chinese market due to the Chinese holiday. 3M LME copper currently trades in a narrow range of USD 12,695.08-12,849k/t.

Gold's recent slip highlights a shift in market focus toward the upcoming US ADP employment figures. If the jobs data disappoints, it could lead to a weaker USD, potentially providing a boost to gold prices; conversely, strong data may pressurize precious metals further. Overall, the absence of strong market liquidity for metals is adding to the volatility as traders await the employment print.