Producers of metals and other raw materials rose after strong jobs data quelled concerns about an economic slowdown.
Federal Reserve Chairman Jerome Powell's confidence that the central bank could defeat inflation without bringing on a major recession was justified by the data, according to one strategist.
"Overall, job openings in higher paying roles are moderating as the labor market has early signs of cooling," said Jeffrey Roach, chief economist at brokerage LPL Financial. "As long as the job market is stable, the soft landing narrative appears likely as consumers will have some capacity to spend."
Gold futures slipped as the data supported a recent appreciation of the dollar against rival currencies.
The greenback often has an inverse correlation to gold prices.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-02-24 1643ET
