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 falls in Asia as greenback soars
On Tuesday, gold went down in Asia because market participants noted a stronger greenback, while less appetite for safe-haven plays put pressure on market sentiment. Additionally, physical demand in India for the holiday season didn’t manage to drive the futures market.
December delivery gold futures tumbled 0.58% in New York being worth $1,295.42 a troy ounce. As for copper futures, they sank 0.22% trading at 3.235 a pound.
Overnight, gold stood above $1300, shrugging off a leap in the greenback as well as treasury yields because safe-haven demand was still firm amid everlasting geopolitical uncertainty and worries over the pace of American interest rate lifts.
Everlasting tensions over Iran restricted downside momentum in gold, while worries over the tempo of interest rate lifts beyond the widely expected year-end December rate increase strengthened market sentiment on gold prices.
The previous week gold grew more than 2% after a data disclosed inflation missed hopes, thus lessening the Fed’s case to adopt rather an aggressive tightening stance on its monetary policy.
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