Gold price catching a bid as JOLTS job openings drop to 7.36 million

(Kitco News) - The gold market continues to hold on to solid gains and could attract a new bid as the U.S. labor market continues to show signs of cooling, with the number of jobs available dropping more than expected in June. June job openings—a measure of labor demand—fell to 7.36 million, compared with May’s 7.54 million, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS). According to consensus estimates, job openings were weaker than expected, with economists forecasting a drop to 7.44 million. The gold market has caught a modest bid in its initial reaction to the disappointing labor market data. Spot gold last traded at $4,085.80 an ounce, up 0.75% on the day. Neils Christensen Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW Tags: gold gold prices US employment US labor market US JOLTs Federal Reserve interest rates Share Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.