FXstreet.com (Barcelona) - Following a weak ECB 3-month loan facility, market sentiment received a fresh bout of optimism dropping gold slightly lower on the day. The gold contract for August delivery reached a new intraday low of $1235.10 before consolidating higher after a disappointing ADP jobs report from the US. Currently the yellow metal trades at $1237.90 where it is slightly off the opening price. Recovering slightly from yesterday's broad sell off, markets today are holding stable on an easing of euro-zone sovereign debt anxiety. The ECB received low demand for its most recent 3-month loan, which was perceived as a strong indicator that the banking sector over the continent is stronger than most previously believed. All in all, the Central Bank allotted EUR 131.9 billion at a fixed rate of 1% despite predictions for as much as a EUR 250 billion rollover from the expiring 12-month loan. Drowning out some of the positive momentum however was the depressing ADP jobs report, which showed weak US private-sector job growth over the month of June. While analysts had the economy adding around 60,000 positions, in all only 13,000 jobs were added which does not bode well for the official unemployment figures to be released later in the week.

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