{"id":44448,"date":"2023-08-04T10:28:20","date_gmt":"2023-08-04T14:28:20","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-attempt-to-snap-3-day-drop-after-july-u-s-jobs-report-shows-labor-market-continues-its-cooldown\/"},"modified":"2023-08-04T10:28:23","modified_gmt":"2023-08-04T14:28:23","slug":"gold-prices-attempt-to-snap-3-day-drop-after-july-u-s-jobs-report-shows-labor-market-continues-its-cooldown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44448","title":{"rendered":"Gold prices attempt to snap 3-day drop after July U.S. jobs report shows labor market continues its cooldown"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002365153\" role=\"document\">\n<p>Following a three-day losing streak, the most-active gold futures contract turned around to bounce on Friday morning after the July jobs report shows <br \/>the U.S. economy gained just 187,000 jobs last month, slightly below the Dow Jones estimate of 200,000 and pointing to a still-solid hiring in the labor market. <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.53%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.53%<\/bg-quote><br \/>\n       rose $8.90, or 0.5%, to $1,977.80 per ounce on Comex. <\/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=\"positive\">+0.20%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.20%<\/bg-quote><br \/>\n       gained 2 cents, or 0.1%, to $23.72 per ounce. <\/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\">-0.91%<\/bg-quote><br \/>\n       fell by $7.40, or 0.6%, to $1,250 per ounce, while platinum futures for October<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.48%<\/bg-quote><br \/>\n       declined by $1.80, or 0.2%, to $919.80 per ounce.<\/p>\n<\/li>\n<li>\n      Copper futures for September\u00a0<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-1.14%<\/bg-quote><br \/>\n       fell by 5 cents, or 1.3%, to $3.85 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices were rising on Friday morning, reversing the previous three consecutive sessions of losses after the latest report from the Bureau of Labor Statistics shows <br \/>the U.S. economy gained just 187,000 jobs in July, another indication that the labor market is slowly cooling off and perhaps a welcome sign as the financial markets are still debating whether the Federal Reserve will get interest-rate hikes out of the way by the end of this year. <\/p>\n<p>The unemployment rate, meanwhile, fell to 3.5% in July from 3.6% in the previous month,\u00a0the government said Friday.<\/p>\n<p>However, wages, a closely watched indicator of how much leverage workers are exerting in the labor market, increased 0.4% in July, stronger than the Fed would like. The increase over the past 12 months was unchanged at 4.4%. <\/p>\n<p><strong>See: <\/strong>U.S. adds 187,000 jobs in July and points to hiring slowdown. But wages still high<\/p>\n<p>\u201cBelow consensus job growth, combined with higher average hourly earnings signals that more progress is needed to reduce the jobs-workers gap, slow wage growth, and ultimately lower inflation,\u201d said Candice Tse, global head of strategic advisory solutions at Goldman Sachs. \u201cThe Fed has likely ended its most aggressive tightening campaign in generations, with a reasonable path to a soft landing.\u201d <\/p>\n<p>However, there is still \u201ca wide range of possible outcomes,\u201d with risks tilted towards additional hikes should inflation remain sticky, though not her base case, she said in emailed comments on Friday.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-lower-for-4th-day-as-traders-await-july-u-s-jobs-report-bbebd50c?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a three-day losing streak, the most-active gold futures contract turned around to bounce on Friday morning after the July jobs report shows the U.S. economy gained just 187,000 jobs last month, slightly below the Dow Jones estimate of 200,000 and pointing to a still-solid hiring in the labor market. Price action Gold futures for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-44448","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices attempt to snap 3-day drop after July U.S. jobs report shows labor market continues its cooldown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Following a three-day losing streak, the most-active gold futures contract turned around to bounce on Friday morning after the July jobs report shows the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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