{"id":32810,"date":"2023-07-07T17:57:55","date_gmt":"2023-07-07T21:57:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-clings-to-above-1900-after-softer-june-u-s-jobs-report\/"},"modified":"2023-07-07T17:57:56","modified_gmt":"2023-07-07T21:57:56","slug":"gold-clings-to-above-1900-after-softer-june-u-s-jobs-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32810","title":{"rendered":"Gold clings to above $1,900 after softer June U.S. jobs report"},"content":{"rendered":"
\n

Investing.com — Gold isn\u2019t about to lose its $1,900 handle yet \u2014 not with a U.S. labor market that finally may be cooling.<\/p>\n

Futures of the yellow metal neared the mid-$1,900 point on Friday while the spot price of bullion was not too far away from that after a softer-than-expected U.S. jobs report for June suggested some tempering in the Fed\u2019s hawkishness when the central bank\u2019s policy-makers sit for their next rate review in three weeks.<\/p>\n

The front-month on New York\u2019s Comex settled at $1,932.50 an ounce, up $17.35, or 0.9%, on the day. For the week, the benchmark gold futures contract was virtually flat, gaining just over $3. Friday’s high of $1,940.90 for August gold compared with its three-month bottom last week at $1,900.60.<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,926.90. The intraday high of $1,926.90 contrasted with last week\u2019s three-month low of $1,893.01.<\/p>\n

\u201cGold came under pressure\u2026but managed to hold above $1,900 and even recoup some of its losses,\u201d said Craig Erlam, analyst at online trading platform OANDA.<\/p>\n

Gold rallied after the Labor Department reported that U.S. employers added 209,000 in June, a number that came in below economists\u2019 estimates for the first time in 16 months, signaling progress in the Federal Reserve\u2019s bid to fight inflation with higher interest rates.<\/p>\n

Wall Street\u2019s economists had expected a jobs growth of 225,000 for last month, from a previously published 339,000 for May which the Labor Department revised down to 306,000 on Friday.<\/p>\n

Fed seeks more evidence of inflation cooling; One jobs report alone won\u2019t do it<\/h2>\n

The remained unchanged in June at 3.6% while wages expanded by 0.4% from a 0.3% growth in May. Fed officials have said employment and wage growth have to cool significantly to effectively restrain the worst inflation the United States has encountered in four decades.<\/p>\n

Inflation, as measured by the Consumer Price Index, or , grew 4% year-on-year in May, slowing from a 40-year high of 9.1% in June 2022.<\/p>\n

The Fed\u2019s tolerance for inflation is, however, just 2% per annum. Since March 2022, the central bank has raised interest rates by 10 times, adding a total of 5% to the previous pandemic-era rate of 0.25%. While the its rate hike cycle last month, there is speculation it could resume that when it meets on July 26 for its next rates review.<\/p>\n

To be sure, Chicago Fed President Austan Goolsbee told CNBC on Friday that one should \u201cnever make too much out of any one month of jobs numbers\u201d.<\/p>\n

\u201cIt is clear that the job market is still very strong but cooling,\u201d he added. \u201cI haven’t seen anything that says 1 or 2 more rate hikes this year is wrong.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Gold isn\u2019t about to lose its $1,900 handle yet \u2014 not with a U.S. labor market that finally may be cooling. Futures of the yellow metal neared the mid-$1,900 point on Friday while the spot price of bullion was not too far away from that after a softer-than-expected U.S. jobs report for June […]<\/p>\n","protected":false},"author":1,"featured_media":2275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-32810","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold clings to above $1,900 after softer June U.S. jobs report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Gold isn\u2019t about to lose its $1,900 handle yet \u2014 not with a U.S. labor market that finally may be cooling. 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