The gold market continues to hold support near $3,300 an ounce but is not seeing much movement as the U.S. labor market cooled slightly, with the number of job openings falling more than expected last month.
June job openings—a measure of labor demand—fell to 7.44 million, down from May’s reading of 7.71 million, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS). The data came in weaker than expected, as economists had forecast a decline to 7.51 million.
Gold’s initial reaction to the disappointing labor market data has been relatively muted. Spot gold last traded at $3,312.70 an ounce, roughly unchanged on the day.
The report also noted that in June, hires dipped slightly to 5.2 million, while total separations fell to 5.1 million. Within separations, quits came in at 3.1 million, and layoffs and discharges were 1.6 million—both figures unchanged from the previous month.
The gold market continues to closely monitor the U.S. labor market, which remains a key factor in the Federal Reserve’s monetary policy decisions.
The central bank has indicated that it is in no rush to cut interest rates, citing the continued strength of the labor market and persistent inflation risks. However, markets still expect the Fed to begin easing interest rates after the summer.
Source: Neils Christensen Kitco
