{"id":33205,"date":"2023-07-09T00:16:31","date_gmt":"2023-07-09T04:16:31","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-futures-post-largest-daily-rise-in-a-month-as-u-s-jobs-data-show-smallest-rise-since-2020\/"},"modified":"2023-07-09T00:16:32","modified_gmt":"2023-07-09T04:16:32","slug":"gold-futures-post-largest-daily-rise-in-a-month-as-u-s-jobs-data-show-smallest-rise-since-2020","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33205","title":{"rendered":"Gold futures post largest daily rise in a month as U.S. jobs data show smallest rise since 2020"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002254089\" role=\"document\">\n<p>Gold futures mark their largest daily percentage gain in a month on Friday as the U.S. Department of Labor\u2019s June jobs report revealed the smallest increase since 2020.<\/p>\n<p>The weaker-than-expected rise in employment last week raised some questions over how many interest rate rises the Federal Reserve will need to make this year after a decision last month to pause them. <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.10%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.10%<\/bg-quote><br \/>\n       gained $17.10, or 0.9%, to settle at $1,932.50 per ounce on Comex, the largest front-month daily percentage climb since June 8, according to Dow Jones Market Data. Prices rose 0.2% for the week.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.02%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.02%<\/bg-quote><br \/>\n       settled at $23.289 per ounce, up 40  cents, or 1.7%, for the session, and up 1.2% for the week.<\/p>\n<\/li>\n<li>\n      Palladium futures for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.33%<\/bg-quote><br \/>\n       added $5.70, or 0.5%, to $1,245.10 per ounce, with prices up 1.9% for the week, while October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.15%<\/bg-quote><br \/>\n       gained $8.80, or 1%, to $918.50 per ounce, up 0.6% for the week.<\/p>\n<\/li>\n<li>\n      Copper futures for September delivery<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       climbed 5 cents, or 1.3%, to $3.782 per pound for a weekly rise of 0.6%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The U.S. created 209,000 new jobs in June, U.S. government data showed Friday. That was the smallest increase in more than two and a half years. Economists had forecast an increase of 240,000 new jobs, according to a Wall Street Journal survey.<\/p>\n<p>Following the data, the \u201cknee-jerk spike in gold prices was swiftly tapered by the notion that this latest U.S. jobs report won\u2019t yet allow the Fed to halt its rate hikes, noting that June\u2019s unemployment rate ticked back lower, while wage growth exceeded market expectations,\u201d said Han Tan, chief market analyst at Exinity Group.<\/p>\n<p>\u201cBullion bulls should find themselves on a slippery slope until the Fed is truly ready to hit pause on this rate-hike cycle,\u201d he told MarketWatch. Gold futures marked a modest rise from a week ago. <\/p>\n<p><strong>Read:<\/strong> This is how gold may perform under a soft or hard economic landing<\/p>\n<p>Sub-$1,900 price levels \u201cstill beckon for the precious metal over the near-term should markets ramp up bets for yet another Fed rate hike after July, especially if next week\u2019s core CPI prints point to still-stubborn inflationary pressures,\u201d said Tan. <\/p>\n<p>Gold prices had slumped to their lowest level since March on Thursday following the ADP survey of private sector U.S. employment which reported nearly half a million new jobs were created in June, suggesting the economy was strong enough to warrant another interest rate rise by the Federal Reserve in July to combat inflation. <\/p>\n<p>The data roiled markets, sending U.S. stocks sliding while Treasury yields shot to three month highs.  The boost to Treasury yields and the dollar helped to weigh on gold.<\/p>\n<p>\u201cGold\u00a0came under pressure in the aftermath of yesterday\u2019s ADP report but managed to hold above $1,900 and even recoup some of its losses. It\u2019s trading marginally higher today but whether it will be able to hold onto those gains, and remain above $1,900, will probably depend on what kind of jobs report we get,\u201d said Craig Erlam, senior market analyst at OANDA, in emailed commentary. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-futures-edge-higher-ahead-of-u-s-june-jobs-report-db12e678?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures mark their largest daily percentage gain in a month on Friday as the U.S. Department of Labor\u2019s June jobs report revealed the smallest increase since 2020. The weaker-than-expected rise in employment last week raised some questions over how many interest rate rises the Federal Reserve will need to make this year after a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-33205","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold futures post largest daily rise in a month as U.S. jobs data show smallest rise since 2020 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures mark their largest daily percentage gain in a month on Friday as the U.S. Department of Labor\u2019s June jobs report revealed the 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