Gold price keeps daily gains, trades well above $2,000 on weaker data – by Anna Golubova (Kitco News – April 4, 2023)

(Kitco News) The gold market kept its daily gains on weaker data, finishing Tuesday’s session up nearly 2% on the day — well above the $2,000 an ounce level.

Recent macro data, which pointed to a cooling economy, and a warning from JPMorgan CEO Jamie Dimon on the banking crisis triggered another rally in gold, pushing prices to 12-month highs. June Comex gold futures closed at $2,038.10 an ounce Tuesday, up nearly $40 on the day.

Gold was reacting to a weaker dollar following a report showing U.S. job openings falling below ten million in February — their lowest level in nearly two years, according to the Job Openings and Labor Turnover Survey.

“The sharp fall in job openings in February shows that labor demand was cooling even before the recent banking turmoil and provides another reason to think that the Fed’s tightening cycle is nearly over,” said Capital Economics deputy chief U.S. economist Andrew Hunter.

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