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Gold price remains under pressure as U.S. economy created 372K jobs in June

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(Kitco News) – U.S. recession fears could start to ease as the U.S. economy created more jobs than expected last month.

The gold market is taking the new momentum in the labor market in stride as it continues to test long-term support just above $1,730 an ounce.

Friday, the Bureau of Labor Statistics said 372,000 jobs were created in June. The data significantly beat expectations economists were forecasting job gains of around 260,000.

Meanwhile, the unemployment rate was in line with expectations holding steady at 3.6%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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