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People are going back to work as jobless claims drop

Record Breaking Job Openings in the U.S, Gold Prices Drop as Much as $80 & Oil Falls to 2-Month Low

U.S. job openings surpass 10 million

Data from the United States today showed that job openings rose to their highest level in history.

The figures which were released by the Labor Department, reported that there were over 10.1 million open jobs positions by the end of June.

This was the first time job openings have surpassed the 10 million mark and come after being recorded at 9.2 million in May.

On Monday, the Dow Jones was trading lower after reacting to the openings report which came in almost 10% higher than the forecast of 9.1 million.

However, both the S&P 500 and NASDAQ were marginally higher as of writing.

Gold prices drop $80 in flash crash

Gold prices fell by as much as $80 in today’s trading session, in what was one of the year’s biggest intraday moves.

XAUUUSD fell to an intraday low of $1,680.44 in the early hours of Monday, which was the lowest price for the metal since March.

Although prices have since recovered, many believe that the selloff, which started after Friday’s better than expected NFP report, could continue in upcoming weeks.

Generally, the pace at which the U.S. economy has recovered post COVID-19, has sent investors fleeing the safe haven asset, and moving towards equity markets.

After recording a new high on Friday, the benchmark S&P 500 was attempting to set further highs as of writing.

Oil falls to lowest in 2-months

Another commodity market that took a beating to start the week was oil, which fell to its lowest point since May.

WTI crude hit an intraday low of $65.26 on Monday, which it had not hit since May 28th, on its way to multi-year highs of $77 per barrel.

Many believe that the drop comes as the U.S. Dollar continues to strengthen, hitting an 18-month low against the EURO of 1.1734 today.

The continuous spread of the Delta variant has also raised alarm bells on potential curbs in demand for energies, as nations begin to tighten their movement of people.

As of writing WTI was trading close to $67 per barrel.

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