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- Gold slightly recovered
Gold slightly recovered
Gold has stabilized at $1,105.80 (+0.34%) near a four-week low after yesterday's sharp decline, which was driven by strong data on U.S. labor market. The number of vacancies in the U.S. rose to 5.75 million in July from 5.323 million in June (revised from 5.249 million). Meanwhile the number of people, who found jobs, fell to 4.98 million in July from 5.18 million in the previous month. Analysts believe that a gap between the number of vacancies and the number of employed might mean that it's hard for employers to fill all vacancies at the current level of wages. Health of the labor market is one of key factors, which Fed policymakers consider when making decisions on interest rates. Higher rates would harm demand for the non-interest-bearing bullion.
Gold has failed to find a strong safe-haven demand despite the recent turmoil in stock markets around the globe, signaling that U.S. monetary policy is the key fundamental factor for its direction.
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