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 rebounds from 5-week maximums as trade tensions relieve
On Monday, gold headed south, drifting away from five-week maximums after news that China and America had started talks over soaring trade tensions relieved worries over a probable all-out trade conflict.
April delivery gold futures dived 0.33% on the Comex exchange in New York being worth $1,345.4 a troy ounce.
On Friday, gold prices tacked on to a five-week maximum of $1350.40 because a weaker evergreen buck along with growing trade tensions spurred demand for the number one precious commodity.
On Monday, the Wall Street Journal informed that Beijing and Washington were discussing a possibility to improve American access to China’s markets following a week of threats to make use of trade duties.
Recent concerns that protectionist trade policies from China and the United States would result in a trade conflict have underpinned gold in the face of worries over the impact on global economic surge.
The report also revealed that the safe haven yen rebounded from 16-month maximums versus the evergreen buck and American stock futures rebounded too because investor sentiment revived.
The US dollar index, rating the greenback’s actual strength versus a basket of six leading currencies, headed south 0.15% hitting a near one-month minimum of 88.97.
Market participants cling to gold as a good store of value in times of market turmoil or geopolitical uncertainty, while a weaker greenback makes the US dollar-denominated metal more affordable for buyers of other currencies.
As for other precious metals, silver futures inched down 0.16% showing a result of $16.555 per troy ounce, while platinum futures were intact, sticking to $954.9.
As for base commodities, copper futures slumped 1.44 % hitting $2.950 a pound. As a matter of fact, recent trade fears have put pressure on prices to their weakest value since December after they reached an almost four-year maximum in 2017.
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