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Gold Holding Strong Near Record Highs Amid Robust U.S. Job Growth – FirstGold Market Insights

Gold prices remain firm near all-time highs, with December futures trading at $2,788.50 per ounce, up 0.27% on the day. Despite an increase in U.S. job creation, gold is just shy of the $2,800 mark, as demand continues to grow. October’s employment report from ADP showed a surprising 233,000 new jobs, far surpassing the anticipated 110,000.

According to ADP’s Chief Economist, Nela Richardson, “Job growth was strong in October,” even amid hurricane recovery efforts, highlighting the U.S. labor market’s resilience as year-end approaches.

The gold market’s response remains largely unaffected by the job data, with investors focusing on gold as a safe-haven asset ahead of the upcoming U.S. presidential election. Political uncertainty is pushing investors toward gold to hedge against potential market volatility, as polls indicate a tight race.

Although job numbers are strong, wage inflation shows signs of cooling. Workers staying in their roles saw a 4.6% wage increase over the past 12 months, marking a two-year decline, while wage growth for job-switchers slowed to 6.2%.

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