According to the US Department of Labor, the number of applications for unemployment benefits for the week ending June 7 remained unchanged at 248,000, higher than the 242,000 forecast by analysts. This is the highest level since early October 2023. Meanwhile, the previous week's figure was also revised up by 1,000 applications, to 248,000.
Gold prices supported by signs of weakness in the US labor market
Spot gold is currently trading around $2,387.61 an ounce, up 1% on the day. Despite being in a narrow range, gold is still holding above the important support level of $3,300. Experts say this trend will continue if the US labor market continues to cool down.
However, the $3,400 level remains a strong resistance level, especially when investors are still aiming for the record $3,500 level in April. Many analysts believe that gold needs more clear signals from the Fed about its readiness to cut interest rates to be able to break out of the current level.
Is the labor market really slowing down?
The four-week average (a more reliable indicator because it eliminates weekly fluctuations) rose to 240,250, the highest level since late August 2023. Notably, the number of people receiving unemployment benefits also rose to 1.956 million in the week ended May 31 - the highest level since November 2021.
This suggests that workers are having a harder time finding new jobs. While the Fed has maintained a cautious stance due to inflation concerns, if this trend continues, it will increase the pressure on interest rates to fall, which could push gold prices higher in the coming months.
Source: https://baonghean.vn/gia-vang-duy-tri-da-tang-khi-thi-truong-lao-dong-my-cham-lai-10299506.html
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