Gold jumped strongly after negative data from the US labor market, which led it above $2,000 an ounce, while silver rose by 2.73%, to $24,683.
Gold is now trading at the time of writing the report at levels of $ 2028 an ounce for futures contracts, up by 1.35%, while the spot contract rose by 1.30% to $ 2010.71 an ounce, and the US dollar index fell strongly, losing 0.40%, to record 101.368 against a basket of foreign currencies.
The main indices of the US market are falling quietly at the beginning of trading, as the Nasdaq index declines by 0.02%, the Dow Jones index by 0.23%, and the S&P 500 settles at 4122.02 points.
Looking at digital currencies, we find that Bitcoin rose 0.73%, while Ethereum, which is awaiting an upgrade soon, rose by 4.23%. Dogecoin is still in the midst of a rise as a result of Elon Musk’s decision to change the Twitter logo to the Dogecoin logo, as it jumped by 27.96% near the cent at $0.987.
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JOLTS Employment Opportunities Index
The US market provided nearly 9.931 million job opportunities, while experts expected 10.4 million job opportunities to be provided in March.
Previous readings were revised down to 10.563 million jobs for the month of February.
Employment opportunities data is of great importance as it is an indicator of the state of the US labor market and its ability to keep up with rising interest rates, as Jerome Powell uses US job opportunities a lot when talking about the strength of the US market.
The US job opportunities data was negative, indicating the impact of the US labor market and the beginning of widespread weakness in it, which reinforces the expectations of the US economy falling into recession if the Fed continues its monetary tightening campaign.
Federal decision expectations
The Fed’s expectations, according to the Fed’s follow-up tool from Investing, still suggest a rate hike of 58.5%, compared to 41.5% with fixation.