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Gold futures trading resulted in strong gains on latest job market data
Gold futures experienced a strong gain of $18.70 today taking the most active December futures contract to $1965.60. Today’s gains are a direct result of the release of data revealing declines in the United States consumer confidence as well as job openings. This in turn led to extreme dollar weakness and a lower yield in U.S. Treasuries. chart However, the big takeaway is that Powell’s latest speech at the economic symposium in Jackson Hole Wyoming, inferred that a tightening job market presented challenges to tackle their fight against inflation. The challenges of high inflation and a tighter job market ... (full story)