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 tumbles in Asia
On Thursday, gold grew with demand prospects in the world's leading, India and China, in focus with physical and exchange traded fund demand on expectations that tax reform by New Delhi could potentially cut the cost of bullion imports. Moreover, Chinese buyers look for a hedge for a weaker currency.
In New York, April delivery gold futures dipped 0.14%, trading at $1,251.90 a troy ounce. In addition to this, copper futures reached $2.676 a pound.
Overnight, gold traded moderately lower, suppressed by a soar in the greenback, which kept reviving from multi-month minimums after the issue of positive economic data.
Gold sank to a session minimum of $1,246.50, as stronger than expected American home sales data backed the narrative of a stronger American economy, which pushed the greenback to session peaks. The US National Association of Realtors informed that last month its pending home sales grew by 5.5%, which turned to be far above economists’ forecast of a 2.4% soar.
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The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
ISM PMI Indicates Contraction
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
