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 holds revenues as NKorea tensions are eyed
On Tuesday, gold held revenues in Asia because market participants were quite cautious as for tensions on the Korean peninsula.
December delivery gold futures rallied 0.27% reaching $1,315.00.
Overnight, gold went up abruptly because escalating geopolitical tensions on the Korean Peninsula powered safe-haven demand after North Korean Foreign minister Ri Yong Ho shockingly announced that Pyongyang boasts the right to shoot down American bombers.
The firm start to the trading week for the number one precious commodity comes after gold dipped to a second-straight weekly minimum the previous week as market participants unwound some of their bullish bets on this commodity.
Apparently, net bullish bets on gold inched down to 236,100.
Demand for gold could be pressured during the week because a flurry of Fed speakers are expected to deliver speeches including Fed Chair Janet Yellen on Tuesday.
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