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Gold price remains under pressure as U.S. economy created 372K jobs in June

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(Kitco News) - U.S. recession fears could start to ease as the U.S. economy created more jobs than expected last month.

The gold market is taking the new momentum in the labor market in stride as it continues to test long-term support just above $1,730 an ounce.

Friday, the Bureau of Labor Statistics said 372,000 jobs were created in June. The data significantly beat expectations economists were forecasting job gains of around 260,000.

Meanwhile, the unemployment rate was in line with expectations holding steady at 3.6%.

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