NEW YORK (MarketWatch) -- Gold futures extended gains and oil continued to fall Wednesday, as investors remained concerned about sluggish economies and disappointing macroeconomic data globally. Also, U.S. private-sector jobs rose by 114,000 in July, according to ADP employment report released Wednesday and pared gains and losses for gold and oil respectively. Gold for December delivery GC1Z +1.37% gained $20.50, or 1.3%, to $1664.90 an ounce. "The current risk averse environment remains gold supportive and until the tide changes gold is likely to remain well supported in the near term," analysts from VTB Capital Commodities said in a note. Crude oil for September delivery CL1U -0.33% fell 37 cents, or 0.4%, to $93.41 a barrel. "With the market focus very firmly on broader macroeconomic trends and especially the path taken by U.S. and Chinese economies, oil prices will struggle to find much upward momentum," said analysts at Barclays Capital Commodities Research in a note.
