Gold prices signaled a modest recovery Tuesday, based on data showing a decline in job openings and mixed consumer sentiment heading into Wednesday’s Federal Open Market Committee meeting.
The yellow metal was up $11.43 in early trading at $2,392 per ounce. Meanwhile, silver appeared to find firmer footing as it looked to reverse a string of losses, trading in positive territory at $28.01 per ounce, gaining $0.19.
Data released Tuesday by the U.S. Bureau of Labor Statistics found there were 8.18 million job openings on the last business day of June, a decline from May’s revised 8.23 million openings and a decrease of 941,000 over the year. June’s figure beat market projections of about 8.1 million.
The bureau reported that hires and separations changed little last month, coming in at 5.3 million and 5.1 million, respectively, while the job openings rate held at 4.9% in June.
Additionally, a report from The Conference Board saw its Consumer Confidence Index notch higher in July to 100.3 from a downwardly revised 97.8 in June, matching Wall Street estimates.
While overall confidence saw a boost in sentiment, consumers were less assured about current business and labor market conditions, as the Board marked a decline in its Present Situation Index to 133.6 from 135.3 last month.
“Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years,” Conference Board chief economist Dana M. Peterson said in a release accompanying the results. “Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
Investors now turn to Wednesday’s Fed meeting, hoping policymakers will signal an easing of restrictive monetary policy. While the market is 95% confident that officials will leave interest rates unchanged this week, it’s figured a 100% likelihood the reductions will begin in September, according to the CME FedWatch Tool.