Gold Gives Back Ground Following Upbeat Job Openings Data

(RTTNews) - Gold futures moved to the downside during trading on Tuesday, giving back ground after reaching their highest levels in almost four weeks.

After surging $81.70 or 2.5 percent to $3,370.60 an ounce during Monday's session, gold for June delivery slid $20.40 or 0.6 percent to $3,350.20 an ounce.

Profit taking contributed to the pullback by the price of the precious metal along with easing concerns about the economy following the release of a Labor Department report showing an unexpected increase by U.S. job openings in April.

The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.

Economists had expected job openings to decrease to 7.100 million from the 7.192 million originally reported for the previous month.

"The higher-than-expected job openings number this morning is a good sign for the economy, as many were worried that the tariff uncertainty was weighing too heavily on businesses," Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management.

Selling pressure was relatively subdued, however, as traders continued to express uncertainty about trade a month ahead of the expiration of President Donald Trump's 90-day tariff pause.