Gold Prices Catch Bid as US Job Openings Plummet to 7.08 Million
The gold market appears to be gaining traction as the US labor market cools down. According to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS), August job openings fell to 7.08 million, down from July's revised figure of 7.34 million.
This is the lowest level since May, beating expectations as economists had forecasted a decline to 7.23 million. As a result, the gold market experienced a modest bid in its initial reaction to the disappointing labor market data.
Spot gold last traded at $4,166.10 an ounce, up more than 1% on the day. Analysts have previously warned that disappointing employment data could have an outsized effect on gold prices, potentially prompting markets to scale back aggressive interest rate hike forecasts.