Gold rises as U.S. dollar weakens

By Xu JingUnreguser
  • World
  • Friday, 02 Jun 2023

CHICAGO, June 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar index weakened.

The most active gold contract for August delivery rose 13.40 U.S. dollars, or 0.68 percent, to close at 1,995.50 dollars per ounce.

The market is waiting for the monthly jobs report due out Friday, which is going to lay the foundation for gold's price action.

Economic data released Thursday are mixed. The U.S. Labor Department reported that U.S. initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 232,000 for the week ending May 27.

The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers' Index posted 48.4 in May, down from April's 50.2, but broadly in line with the earlier released 'flash' estimate of 48.5.

The Automated Data Processing Inc. said in its National Employment Report that private sector jobs grew by 278,000 in May, well ahead of market forecasts of a 170,000 gain.

The U.S. Labor Department reported that the U.S. nonfarm business sector productivity decreased 2.1 percent in the first quarter of this year, a smaller decline than the previously reported decrease of 2.7 percent.

The U.S. Commerce Department reported that U.S. spending on construction projects rose 1.2 percent in April to 1.91 trillion dollars. The market was expecting construction spending to rise 0.1 percent in April.

Silver for July delivery rose 40 cents, or 1.70 percent, to close at 23.987 dollars per ounce. Platinum for July delivery rose 11.10 dollars, or 1.11 percent, to close at 1,010.10 dollars per ounce.

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