HomeFinancial MarketsGold Approaches All-Time High as Stocks Fade

Gold Approaches All-Time High as Stocks Fade

Gold approached historically high levels on Wednesday as stocks and bonds both tumbled following news that U.S. job vacancies in February hit their lowest levels since May 2001. Gold was up $2.90 per ounce, or 0.14%, at $2,041.10 per ounce.

While gold raced towards historic highs, the tech-heavy Nasdaq Composite Index declined by 0.3%. The S&P 500 was down 0.15% at Wednesday’s open, while the Dow Jones Industrial Average remained relatively unchanged.

Bonds were also on the decline on Wednesday, with the 10-year Treasury yield note falling to 3.313% following a weak ADP payrolls report that simultaneously indicated a rise in the demand for gold.

Stock declines followed Tuesday’s release of the monthly Job Openings and Labor Turnover Survey (JOLTS), which showed 9.93 million job openings in February, down from over 10.5 million in January. This amount was also lower than the 10.5 million that was forecast.

Although 145,000 jobs were added in March, this is still lower than the forecast 210,000 new jobs.

Euro Steadies as ECB President Promises Further Rate Hikes

The euro remained steady on Thursday after European Central Bank (ECB) President Christine Lagarde announced that further interest rate hikes would be implemented as...

Stocks Rise as House Passes Debt Ceiling Deal

U.S. stocks advanced on Thursday morning after the House of Representatives passed a bill proposing to raise the government's debt ceiling on Wednesday evening....

Macy’s Shares Fall After Annual Forecast Cut

Macy's Inc cut its full-year earnings and profit forecast after experiencing a slowdown in demand for its high-end products. The retailer's shares declined by...