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Gold Futures Inch Up in Anticipation of U.S. June Jobs Data
Gold futures maintain resilience above $1,900. Gold prices exhibited a slight upward trend on Friday as traders anxiously awaited the release of the U.S. Department of Labor’s June jobs report.
After the ADP survey on private sector U.S. employment revealed the creation of nearly half a million new jobs in June, gold prices plummeted to their lowest level since March. The robust job growth indicated a strong economy, increasing the likelihood of the Federal Reserve implementing another interest rate hike in July to combat inflation. Consequently, this data disrupted markets, causing U.S. stocks to decline, while Treasury yields surged to a three-month high. The resultant rise in Treasury yields and the dollar exerted pressure on the value of gold.
“Following the ADP report yesterday, gold faced downward pressure but managed to stay above the $1,900 mark and even recover some losses. It is currently trading slightly higher, but the sustainability of these gains and its ability to remain above $1,900 will largely depend on the upcoming jobs report,” remarked Craig Erlam, senior market analyst at OANDA, in a recent commentary.
According to economists surveyed by the Wall Street Journal, the U.S. Labor Department is expected to announce the creation of 240,000 new jobs in June, a decrease from the previous month’s figure of 339,000, encompassing both private sector and government employment.