- Stability within the U.S. labor market is providing little direction for gold as prices test resistance at $2,000 an ounce
The number of Job openings, a measure of labor demand, rose to 9.55 million on the last day of September the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. The number of job openings was down from 9.61 million reported in August; however, the drop was less than expected.The gold market continues to see solid bullish sentiment, despite the relatively stable labor market data. December gold futures last traded at $1,997 an ounce, up 0.15% on the day.
The JOLTS data provides a conflicting view regarding the health of the labor market. Although job openings remain elevated, earlier in the session, private sector payrolls processor ADP reported another disappointing month for job gains in October. ADP said that 113 jobs were created last month; this is the third consecutive month that job growth has missed expectations.