Gold prices retreat after US JOLTS data hints at a resilient US labour market
Gold prices are experiencing a sharper correction against the US Dollar (USD) on Tuesday, JOLTS (Job Openings and Labor Turnover Survey) beat analyst forecasts, showing a 7.391 million increase in the number of job openings in April.
The results came in above the estimated 7.1 million increase and higher than March's 7.2 million increase.
The release of the JOLTs data has helped ease fears surrounding a softening labour market in the United States, reducing pressure on the Federal Reserve (Fed) to deviate from its hawkish Monetary policy stance in the near term.
The JOLTS data is the first of a wide range of employment releases scheduled for this week. The main scheduled risk event this week for employment data and the US Dollar is Friday’s Nonfarm Payroll (NFP) report, which will include the latest unemployment rate for May, impacting the Fed’s interest rate trajectory.
Source: Trading Economics