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Gold Gains on Job Openings Drop and Mixed Consumer Sentiment

  • Publish date: Wednesday، 31 July 2024
Gold Gains on Job Openings Drop and Mixed Consumer Sentiment

Gold prices saw a modest recovery on Tuesday, buoyed by a decline in job openings and mixed consumer sentiment data ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday.

Gold and Silver Market Update

  • Gold Prices: Up by $11.43, reaching $2,392 per ounce in early trading.
  • Silver Prices: Increased to $28.01 per ounce, gaining $0.19, showing signs of reversing recent losses.

U.S. Job Openings Data

Data from the U.S. Bureau of Labor Statistics revealed:

  • June Job Openings: 8.18 million, a decline from May's revised 8.23 million and a decrease of 941,000 over the year.
  • Market Projections: June's figure surpassed expectations of approximately 8.1 million.
  • Hires and Separations: Remained steady at 5.3 million and 5.1 million, respectively.
  • Job Openings Rate: Held steady at 4.9% in June.

Consumer Sentiment Report

The Conference Board's report indicated:

  • Consumer Confidence Index: Rose to 100.3 in July from a downwardly revised 97.8 in June, aligning with Wall Street estimates.
  • Present Situation Index: Dropped to 133.6 from 135.3, reflecting consumer concerns about current business and labor market conditions.

Read More: The Gold Economy. Understanding Carats/Karats

Dana M. Peterson, chief economist at The Conference Board, noted, “Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years. Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”

Looking Ahead to the Fed Meeting

Investors are now focused on Wednesday’s Fed meeting, anticipating possible signals of easing restrictive monetary policy. The market is 95% confident that officials will leave interest rates unchanged this week, with a 100% likelihood of rate reductions starting in September, according to the CME FedWatch Tool.

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