Gold News – 04.Jun.2024
Gold News
Gold Movement : Gold fell slightly by 0.1% to $2,348.59 per ounce after rising 1% the previous session. U.S. gold futures were unchanged at $2,368.80.
Upcoming U.S. Jobs Data : Investors await the ADP employment report on Wednesday and non-farm payrolls data on Friday for insights on the Federal Reserve’s rate decisions.
Technical Factors : Gold is supported at the $2,320 level, with a recent bounce due to weaker-than-expected manufacturing numbers and falling yields.
Economic Data : U.S. manufacturing activity and construction spending declined, and underlying inflation pressures eased slightly in April.
Gold as an Inflation Hedge: Higher rates increase the opportunity cost of holding gold, despite its status as an inflation hedge.
Global Central Banks : A survey indicates that central banks plan to increase gold exposure, contributing to record highs this year.
Other Precious Metals : Spot silver fell 0.4% to $30.62 per ounce, platinum rose 0.8% to $1,019.70, and palladium increased 0.5% to $922.28.
Author : Arman Shaban
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