(Kitco News) - The gold market remains under pressure, testing support around $4,350 an ounce even as the U.S. labor market continues to lose momentum, with the number of available jobs remaining uninspiring.

July job openings—a measure of labor demand—increased to 7.27 million, compared to June’s downwardly revised 7.18 million, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS). The figure also came in slightly weaker than expected, as economists had forecast job openings of around 7.33 million.

The gold market has been unable to find any traction on Tuesday despite the disappointing labor market data. The precious metal has struggled as tensions in the Middle East have picked up, with the U.S. and Iran exchanging fire overnight for the first time in more than a month. The ongoing conflict continues to support higher oil prices, which, in turn, are driving inflation fears and forcing the Federal Reserve to maintain a tightening bias.

However, analysts note that although the Federal Reserve remains laser-focused on inflation, a slowing labor market could mean the central bank will be unable to raise interest rates, sparking fears of a stagflationary environment characterized by low economic growth and elevated consumer prices.

Spot gold last traded at $4,365.00 an ounce, down nearly 2% on the day.

Looking at the components of the report, the number of hires fell to 5.1 million, down from 5.3 million in June, while the hiring rate fell to 3.2%, compared to 3.4% in June.

Within separations, quits totaled 3.1 million, while layoffs and discharges came in at 1.7 million. Both figures were relatively unchanged from the previous month.