Gold prices hold above $3,550/ounce as US employment data falls

According to the JOLTS report (monthly survey of employment and labor turnover) of the US Department of Labor, the unemployment data - a measure of labor demand - fell sharply to 7.18 million, lower than the 7.36 million in June.

This figure is much weaker than expected, as economists expect a price of 7.38 million. This is also the lowest level since March 2021.

Although disappointing employment figures often support gold prices. Recorded at 11pm on September 3, the world gold price was listed at 3,518.6 USD/ounce, a sharp increase of 44.7 USD compared to a day ago.

Gold has had a strong increase after surpassing $3,500/ounce and is currently trading near a new record high. Many opinions say that the precious metal is attracting the attention of investors as the market prepares for the US Federal Reserve (FED) to cut interest rates later this month.

According to some economists, the new jobs figures further strengthen the FED's shift, focusing more on the labor market instead of inflation.

Aaron Hill, market analyst at FP Markets, said: The recently released weaker-than-expected figures show that the labor market is cooling down, reinforcing expectations of a Fed policy easing.

While US bond yields fluctuated due to tariff concerns, the US dollar was under pressure to decrease, while gold increased its appeal as a safe haven against economic concerns, the expert said.

The report also said that in July, the total number of people recruited and left work remained largely unchanged at 5.3 million. Of which, the number of people voluntarily quitting their jobs is 3.2 million, while the number of people being fired and cut is 1.8 million, almost unchanged.

Technically, December gold buyers are holding a clear advantage in the short term. The next target for this side is to bring prices above the resistance level of 3,700 USD/ounce. On the contrary, the sellers aim to pull the price below the important support zone of 3,500 USD/ounce.

According to the analysis, the most recent resistance level was at 3,650 USD and 3,675 USD/ounce, while the support was at 3,592.4 USD/ounce and 3,550 USD/ounce, respectively.