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Weaker Despite Softer US Labour Market Data

GOLD

Gold is 0.4% higher in the Asia-Pacific session, after closing 1% lower at $2327.01 on Tuesday.

  • Tuesday’s move came despite softer US labour market data. JOLTS Job Openings printed 8.059M vs. 8.350M est and 8.488M prior. The result was the lowest since Feb 2021.
  • US Treasuries rallied for the fourth successive day, although they finished slightly off session highs amid late position squaring ahead today’s ADP private employment data risk, a precursor to Friday's headline employment report.
  • Silver underperformed, falling by ~4.0%, its lowest level since May 17. Silver is now trading within a key support zone between $30.116 - 28.494, the 20- and 50-day EMA values, according to MNI’s technicals team.
  • (Bloomberg) UBS Group AG sees gold hitting $2,800 an ounce over the next two years, with continued macro uncertainty and geopolitical risks set to drive continuing strong demand from global central banks. (See link)
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