Gold Trades Near Session Highs as ADP Reports 98K Jobs Added in June, Missing Expectations

According to ADP, the U.S. labor market added 98,000 jobs in June, missing consensus expectations of 105,000. Spot gold traded near session highs at $4,026.83 per ounce, up 0.48% on the day following the softer-than-expected employment report.

Petros Pantzari, Chief Dealer at Monaxa, said the weaker jobs print signals a cooling labor market that may prompt the Federal Reserve to adopt a more dovish stance, which typically pressures the U.S. dollar and supports gold prices by reducing yields on non-yielding assets.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments