Gold prices moved significantly higher as the dollar and Treasury yields fell following a weaker-than-expected U.S. ADP employment report. The private payrolls data, which came in below forecasts, has tempered expectations for aggressive interest rate hikes from the Federal Reserve. This economic data point eases pressure on the non-yielding precious metal, as lower rates decrease the opportunity cost of holding gold. Comments from New York Fed President John Williams noting that inflation is continuing to ease also contributed to the bullish sentiment for gold.