Gold futures contract gained on Wednesday in reaction to increased ADP payrolls data which surged to 91,000 for the mo nth of September as compared to 89,000 for the month of August. Most of analysts now believe that gold is going to keep moving in bullish rally and will cross the benchmark of $1,700 per ounce.

Fruther ISM’s services sector index also arrived at 53 percent of the month September as compared to analysts’ forecast of 52 percent. According to most analysts index’s figure of more than 50 percent depicts expansion in service sector activity.

Portfolio manager, James Cordier from Optionsellers.com in Florida commented, “The selling of the past two, three days has probably run its course, gold is probably set to rally,” he further added, “readying a move back to the $1,700 an ounce in the next few days.”

Gold futures contract for December delivery gained 1.6 percent or $25.60 to settle at $1,641.40 per ounce at the Comex trading of the New York Mercantile Exchange.

Among other metals, silver futures contract for December delivery gained 1.7 percent or $0.51 to $30.35 per ounce. Copper futures contract for December delivery advanced 0.1 percent to $3.11 per pound on Wednesday.

Platinum futures contract for January delivery surged 1 percent or $14.30 to $1,482.80 per ounce while palladium futures contract for December delivery gained 1.1 percent or $6.20 to $570.35 per ounce.