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Gold prices have soared above $2,000 after U.S. job openings fell to 9.6 million

The gold market has surpassed the £1,602/oz ($2,000) mark following the release of the latest U.S. labour market data, which revealed a larger-than-anticipated decline in job openings in March.

The job openings-to-unemployed-workers ratio fell to 1.6 in March, which is the lowest level since October 2021. This metric is a key indicator watched by the Federal Reserve, which has previously justified rate hikes due to high levels of job openings. As a result, gold futures have rallied, with June Comex gold futures trading at £1,612 ($2,012), up 0.99% for the day.

The unexpectedly low job openings suggest that the upcoming Fed rate hike on Wednesday could be the last one before a pause in the tightening cycle. If this is the case, it could mean that prices for the yellow metal will rise in the long term.

Don’t wait for prices to surge. Buy gold today.

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