Gold Prices Recover Overnight as Markets Await June Non-Farm Payroll Data

According to Guangdong Lightspeed Futures, overnight on July 1, London spot precious metal prices recovered from earlier losses. Markets are awaiting Friday's U.S. June non-farm payroll data, with expectations of 110,000 new jobs added and unemployment holding at 4.3%. A strong employment report could reinforce Federal Reserve rate hike expectations, potentially increasing downward pressure on gold. In May, U.S. JOLTS job openings rose slightly to 7.594 million, above April's 7.585 million and the forecast of 7.3 million, underscoring labor market resilience. Technical support came from Nasdaq's three consecutive gains overnight, boosting market risk appetite and slowing gold's decline.
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