Gold Drops Nearly 2% to $4,365 as July Job Openings Miss at 7.27 Million
Updated
Updated · Kitco NEWS · Sep 1
Gold Drops Nearly 2% to $4,365 as July Job Openings Miss at 7.27 Million
3 articles · Updated · Kitco NEWS · Sep 1
Summary
$4,365 spot gold was down nearly 2% Tuesday, staying under pressure even after U.S. July JOLTS data showed labor demand remained soft.
7.27 million job openings topped June's revised 7.18 million but missed the 7.33 million forecast, while hires fell to 5.1 million from 5.3 million and the hiring rate slipped to 3.2%.
Middle East tensions added another drag on bullion after the U.S. and Iran exchanged fire overnight for the first time in more than a month, helping keep oil prices elevated.
Higher energy prices are feeding inflation fears and reinforcing the Federal Reserve's tightening bias, even as a cooling labor market raises the risk of stagflation rather than further rate hikes.