Gold price (XAU/USD) strengths as US firms invited applications for lower job openings in July. Fresh job vacancies in July were 8.827M against June’s reading of 9.165M while investors anticipated 9.465M openings. Weak job openings data indicate that the US labor market is losing its resilience.
Jerome Powell reiterated at the Jackson Hole Symposium that the central bank will remain data-dependent. Powell added that inflation has become more responsive to the labor market, so upcoming JOLTS and other job-market-related data later this week are set to be crucial to determining the Fed’s next steps.
US employment and ISM Manufacturing PMI data will remain on investors’ radar. The weightage of August labor market data is expected to remain high as it will provide a base for September’s interest rate decision. Investors hope that hiring momentum slows as US firms are banking on lower operating capacity due to a delicate economic outlook. Also, factory activity is expected to contract for the ninth straight month.
Gold price climbs to near $1,930.00 as fresh job vacancies in June were significantly lower than anticipated. The precious metal climbs above the 20- and 200-day Exponential Moving Average (EMA), which indicates a solid recovery attempt. In spite of this revival move, the yellow metal has to pass through some more filters for a sustained reversal.
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