(Kitco News) - Gold remains stuck at $4,200 an ounce and could struggle to attract new bullish interest as the U.S. labor market continues to show signs of resilience, with the number of job openings rising more than expected.
October job openings—a measure of labor demand—rose to 7.66 million, up from August’s reading of 7.23 million, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report. The data was better than expected, as economists had been looking for a drop to 7.15 million.
Meanwhile, the number and rate of hires were little changed at 5.1 million and 3.2%, respectively.
Within separations, quits came in at 2.9 million, while layoffs and discharges totaled 1.9 million, both little changed.
The latest employment data was delayed due to the government’s 43-day shutdown. Although October’s data was stronger than expected, some economists note that it is still backward-looking. Updated employment data has shown a steady slowing in the labor market.
The gold market is seeing no significant movement in its initial reaction to the employment data. Spot gold last traded at $4,193.40 an ounce, unchanged on the day.
