(Kitco News) - The gold market is attracting strong buying interest as the U.S. labor market loses momentum, with the economy creating fewer jobs than expected last month.
Even football couldn't save the labor market. Expectations were elevated heading into the early release of the nonfarm payrolls report, as economists had forecast a hiring boost ahead of the World Cup football tournament.
U.S. nonfarm payrolls rose by 57,000 in June, according to the Bureau of Labor Statistics. The monthly figure significantly missed consensus forecasts, as economists had expected job gains of around 114,000.
The gold market is trading at session highs, holding solid gains above $4,100 an ounce in its initial reaction to the disappointing labor market data. Spot gold last traded at $4,130.25 an ounce, up more than 2% on the day.
