Gold prices trading near session highs as JOLTS shows increase in U.S. job openings

NEW YORK (March 11) Gold’s safe-haven appeal continues to attract investors looking to protect themselves from continued weakness in the U.S. equity markets and a relatively healthy labor market is not helping to improve sentiment in the marketplace.

January’s job openings, a measure of labor demand, increased to 7.74 million compared to December’s reading of 7.51 million, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report. The report was stronger than expected, as economists were forecasting an increase to 7.65 million.

According to some economists, the fact that there is still an elevated level of jobs available should help ease recessionary fears in the marketplace.

The gold market has seen some elevated volatility in recent days as it consolidates around $2,900 an ounce. However, gold continues to outperform equity markets, which have seen sharp declines since mid-February. Spot gold is currently trading at $2,919.30 an ounce, up 1% on the day and near its session highs. 

FXStreet