Gold and crude prices traded in a narrow range for a second day with little news for investors to trade on and the overall volatility of the market along with this lack of data creating a neutral impact on the commodities and stock market.
Unlike last week, where the jobs report made it obvious to the American public that job growth in the U.S. continued to improve as payrolls jumped to a pre-recession peak in May, adding to signs of traction in the U.S. economy. Truth be told, the jobs report showed that the country’s jobless rate held at 6.3%, the lowest in around 6 years.
Non-farm payrolls came in at 217,000 in May following a 282,000 gain in April, according to data by the U.S. Labor Department. Analysts by Bloomberg called for an increase of 215,000.
May’s payroll increase placed total employment at 138.5 million, above its pre-crisis peak of 138.4 million reached in January 2008. Also, this marked the fourth consecutive payroll increase of over 200,000; the first time that has happened since 1999-2000.
The figures that both markets and the U.S. Federal Reserve keep receiving about the U.S. economy continue to boost investor sentiment in the economic growth of the U.S.
Gold is currently trading around $1260.10 an ounce recording a high of $1263.40 ounce and a low of $1250.80 an ounce and crude is trading around $104.15 a barrel, recording a high of $105.05 a barrel and a low of $104.02 a barrel.