The US Payrolls Bring New Hope for Gold
The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Gold drops in Asia as traders monitor Paris shooting and French polls
On Friday, gold headed south in Asia, as traders monitored events following a suspected recent terrorist shooting in Paris, coming days before a presidential election supposed to produce a run-off with none of the candidates from the far-left, far-right or center expected to cross the 50% threshold required to win the election.
In New York, June delivery gold futures dropped 0.14%, trading at $1,282.00 a troy ounce. As for silver futures, they sagged 0.10%, reaching $18.000 a troy, while copper futures lost 0.12%, trading at $2.542 a pound.
Overnight, gold traded moderately above breakeven because demand for the precious metal resumed ahead of the French presidential election. Meanwhile, bearish economic data backed upside momentum.
Gold revived from its biggest one-day low in more the six-weeks sustained during last session, after weaker than expected manufacturing as well as jobs data dented the narrative of a surging American economy.
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