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(Kitco News) - The gold market is off its lows but still remains under pressure as the number of jobs available in the U.S. fall in line with expectations.
Job openings, a measure of labor demand, dropped to 9.58 million on the last day of July, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.
According to consensus estimates, economists were looking for job openings to drop to 9.61, down from 9.92 million posted reported in June.
The gold market is not seeing much reaction to the latest labor market data. December gold futures last traded at $1,988.40 an ounce, down 1% on the day.
Analysts continue to pay close attention to the JOLTS report as it is a leading indictor for the health of the labor market. Economists have said that slowing momentum in the number of jobs available could point to further cooling in the labor market.
The Federal Reserve has been paying close attention to the JOLTS report as chair Jerome Powell has been clear that the committee needs to see a weaker labor market before they are confident they have inflation under control and pause their aggressive monetary policy stance.
