Gold prices sees little reaction to U.S. JOLTS data that points to stable labor market
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(Kitco News) - Stability within the U.S. labor market is providing little direction for gold as prices test resistance at $2,000 an ounce.
The number of Job openings, a measure of labor demand, rose to 9.55 million on the last day of September, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday.
The number of job openings decreased from 9.61 million reported in August; however, the drop was less than expected.
According to consensus estimates, economists were looking for job openings to drop to 9.34 million.
The gold market continues to see solid bullish sentiment, despite the relatively stable labor market data. December gold futures last traded at $1,997 an ounce, up 0.15% on the day.
The JOLTS data provides a conflicting view regarding the health of the labor market. Although job openings remain elevated, earlier in the session, private sector payrolls processor ADP reported another disappointing month for job gains in October.
ADP said that 113,000 jobs were created last month; this is the third consecutive month that job growth has missed expectations.
Market analysts and economists continue to watch momentum in the U.S. labor market as the Federal Reserve has been clear that it needs to see some slack before it would consider shifting its hawkish monetary policy stance.