Spot gold turns negative on the session as US job openings tick up to 7.744 million in October

NEW YORK (December 3) The gold market is selling off after the U.S. labor market shows signs of strength as the number of available jobs rose in October.

The number of job openings last month, a measure of labor demand, rose to 7.744 million, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report. According to consensus estimates, economists were looking for job openings to come in at 7.38 million in October. The number was also higher than September’s downwardly revised 7.372 million.

“The number of job openings was little changed at 7.7 million on the last business day of October but was down by 941,000 over the year,” the report said. “The job openings rate, at 4.6 percent, changed little over the month. The number of job openings increased in professional and business services (+209,000), accommodation and food services (+162,000), and information (+87,000) but decreased in federal government (-26,000).”

According to analysts, a cooling labor market bodes well for gold prices as it will support the Federal Reserve’s new easing cycle. 

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