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(Kitco News) – The gold market maintains modest gains even though the US labor market remains healthy, with the number of available jobs increasing more than expected.
Job postings, a measure of labor demand, rose to 10.72 million on the last day of September, the Labor Department reported Tuesday in its monthly job postings and job openings survey. staff turnover, or JOLTS report.
The data beat expectations as economists expected job openings to fall to 9.75 million.
Economists are paying more attention to the number of available jobs as the data has been quite volatile. Some economists expect to see fewer jobs available as the Federal Reserve aggressively raises interest rates to slow the economy to calm inflation.
The gold market is not seeing much reaction to the latest labor market data as it continues to hover just below the resistance at $1,650 an ounce. December gold futures last traded at $1,647.80 an ounce, up 0.43% on the day.
According to some analysts, the latest labor market data does not bode well for investors who expect the Federal Reserve to slow the pace of its tightening cycle. The Federal Reserve said it is focused on tightening the labor market, as this is a major factor in the persistence of high inflation.
Markets practically priced in a 75 basis point hike when the US central bank announced its monetary policy decision on Wednesday. At the same time, markets are still torn between expectations of a 50 or 75 basis point move in December.
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. prices gold remain stable so JOLTS shows million job offers in United States