Gold futures finish higher for the day, this as the latest JOLTS report showed the number of job openings little changed in June. Some analysts took this as a sign of a gradual weakening in the U.S. economy, potentially to the benefit of gold prices.
"This is not a recession siren, but it is a clear loss of economic horsepower, employers are becoming more cautious just as factory demand slips back into reverse," says Petros Pantzari of Monaxa in a note.
Gold prices rose Tuesday after back-to-back daily declines, supported by another drop in oil prices and weaker-than-expected U.S. labor market data that tempered inflation worries and perhaps reduced the chances for an interest rate hike.
"This is not a recession siren, but it is a clear loss of economic horsepower," Monaxa analyst Petros Pantzari said in a note. "Employers are becoming more cautious just as factory demand slips back into reverse."
The report noted that job creation was uneven in June. "Financial activities and information were among the gainers, while leisure and hospitality delivered a sixth month of weak hiring.
Petros Pantzari, Chief Dealer at Monaxa, told Kitco News the ADP print is soft-dollar, gold-supportive. "A cooler jobs print tells traders the U.S. labour market is losing momentum, which can pull Treasury yields lower and strengthen expectations that the Fed may need to lean more dovish," he said.
Analysts say that the precious metal is moving higher because the weak US jobs report has reduced the fear of another Federal Reserve rate increase. The 24K gold price was trading at Dh503.5 per gram at the opening of the markets on Friday.
Spot gold was up 1.5 per cent at $4,173 an ounce. Silver jumped three per cent to $62.42 an ounce. Petros Pantzari, chief dealer at Monaxa, said gold is moving higher because the weak US jobs report has reduced the fear of another Fed rate increase.
US consumer prices fell 0.4% in June, the first monthly decline since 2020, pulling annual inflation down to 3.5% from 4.2% in May. Core inflation eased to 2.6%, below forecasts, largely due to a sharp drop in energy costs.
"The only warning light is headline inflation at 3.5%, still elevated, but today's report clearly puts the inflation bulls on the back foot. But you have to take everything with a pinch of salt as oil prices have started to move back up and traders must not take their eyes off the ball," said Petros Pantzari, Chief Dealer at Monaxa.
The core CPI, which excludes food and energy, remained unchanged, below forecasts of a 0.2% rise. The US core inflation rate decreased to 2.6% in June 2026, down from 2.9% in May and below the anticipated 2.8%. The shelter index rose by 3.3%, a slight decline from May's 3.4% increase.
"The immediate market message is dovish: Treasury yields and the U.S. dollar could come under pressure, while gold, equities and rate-sensitive technology stocks may catch a strong bid as traders increase expectations for easier Federal Reserve policy," says Petros Pantzari, Chief Dealer at Monaxa.
The broker currently offers services with a Mauritius licence. It is also registered in Anguilla, a British Overseas Territory in the Eastern Caribbean. Apart from the licences, Monaxa is also expanding its products and offerings.
"Monaxa has recently been approved for our South African licence," the broker's CEO, Chris Trikomitis, noted in a LinkedIn post, adding: "We will progress with our European entity."
Gold futures finish higher for the day, this as the latest JOLTS report showed the number of job openings little changed in June. Some analysts took this as a sign of a gradual weakening in the U.S. economy, potentially to the benefit of gold prices.
"This is not a recession siren, but it is a clear loss of economic horsepower, employers are becoming more cautious just as factory demand slips back into reverse," says Petros Pantzari of Monaxa in a note.
Gold prices rose Tuesday after back-to-back daily declines, supported by another drop in oil prices and weaker-than-expected U.S. labor market data that tempered inflation worries and perhaps reduced the chances for an interest rate hike.
"This is not a recession siren, but it is a clear loss of economic horsepower," Monaxa analyst Petros Pantzari said in a note. "Employers are becoming more cautious just as factory demand slips back into reverse."
The report noted that job creation was uneven in June. "Financial activities and information were among the gainers, while leisure and hospitality delivered a sixth month of weak hiring.
Petros Pantzari, Chief Dealer at Monaxa, told Kitco News the ADP print is soft-dollar, gold-supportive. "A cooler jobs print tells traders the U.S. labour market is losing momentum, which can pull Treasury yields lower and strengthen expectations that the Fed may need to lean more dovish," he said.
Analysts say that the precious metal is moving higher because the weak US jobs report has reduced the fear of another Federal Reserve rate increase. The 24K gold price was trading at Dh503.5 per gram at the opening of the markets on Friday.
Spot gold was up 1.5 per cent at $4,173 an ounce. Silver jumped three per cent to $62.42 an ounce. Petros Pantzari, chief dealer at Monaxa, said gold is moving higher because the weak US jobs report has reduced the fear of another Fed rate increase.
US consumer prices fell 0.4% in June, the first monthly decline since 2020, pulling annual inflation down to 3.5% from 4.2% in May. Core inflation eased to 2.6%, below forecasts, largely due to a sharp drop in energy costs.
"The only warning light is headline inflation at 3.5%, still elevated, but today's report clearly puts the inflation bulls on the back foot. But you have to take everything with a pinch of salt as oil prices have started to move back up and traders must not take their eyes off the ball," said Petros Pantzari, Chief Dealer at Monaxa.
The core CPI, which excludes food and energy, remained unchanged, below forecasts of a 0.2% rise. The US core inflation rate decreased to 2.6% in June 2026, down from 2.9% in May and below the anticipated 2.8%. The shelter index rose by 3.3%, a slight decline from May's 3.4% increase.
"The immediate market message is dovish: Treasury yields and the U.S. dollar could come under pressure, while gold, equities and rate-sensitive technology stocks may catch a strong bid as traders increase expectations for easier Federal Reserve policy," says Petros Pantzari, Chief Dealer at Monaxa.
The broker currently offers services with a Mauritius licence. It is also registered in Anguilla, a British Overseas Territory in the Eastern Caribbean. Apart from the licences, Monaxa is also expanding its products and offerings.
"Monaxa has recently been approved for our South African licence," the broker's CEO, Chris Trikomitis, noted in a LinkedIn post, adding: "We will progress with our European entity."
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