Gold prices rise as cooler U.S. jobs data builds case for sooner Fed rate cut [Seeking Alpha]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Seeking Alpha
There were other indications that could point to a cooling job market, as average hourly earnings rose 3.9% from a year earlier for their smallest gain since 2021, and the job count - while rising by a solid 206K in June - was revised lower for April and May by a combined 111K jobs. The data "clearly indicates that the Fed is facing significant challenges as the economy continues to deteriorate," Naeem Aslam, chief investment officer at Zaye Capital Markets, told MarketWatch "The weaker labor market and services sector data have particularly influenced market expectations, increasing the likelihood of a Federal Reserve interest rate cut in the coming month," Milad Azar of XTB Mena said, according to Dow Jones. Front-month Comex gold ( XAUUSD:CUR ) for July delivery ended to 2,388.50/oz, its highest settlement value since May 22, concluding 2.6% surge for the full week. Also, front-month July Comex silver ( XAGUSD:CUR ) finished to $2.151/oz, its highest settlement since May 3
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