By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Investing > Gold taps highs above $2,000 ahead of monthly U.S. jobs data
Investing

Gold taps highs above $2,000 ahead of monthly U.S. jobs data

News Room
Last updated: 2023/06/03 at 1:19 AM
By News Room
Share
4 Min Read
SHARE

Gold prices finished higher on Thursday after touching intraday highs above the key $2,000 an ounce level for the first time since mid-May.

Contents
Price action Market drivers

Investors eyed developments tied to the debt-ceiling deal and looked ahead to monthly labor market data due Friday.

Price action

  • Gold futures for August delivery
    GC00,
    -1.56%

    GCQ23,
    -1.56%
    gained $13.40, or 0.7%, to settle at $1,995.50 per ounce on Comex after trading as high as $2,000.70 during the session, FactSet data show.

  • Silver futures for July delivery
    SI00,
    -1.22%

    SIN23,
    -1.22%
    increased by 40 cents, or 1.7%, to $23.99 per ounce.

  • Platinum futures due in July
    PLN23,
    -0.14%
    climbed by $11.10, or 1.1%, to $1,010.10 per ounce, while palladium for September
    PAU23,
    +2.18%
    gained $31.70, or 2.3%, to $1,390.70 per ounce.

  • Copper for July delivery
    HGN23,
    +0.59%
    rose by 7 cents, or 2%, to settle at $3.71 per pound.

Market drivers

The U.S. House of Representatives voted 314-117 in favor of raising the federal debt-ceiling on Wednesday night, keeping Washington on track to avoid a technical default by June 5.

Read Debt-ceiling deal: Here’s what’s next as Senate prepares to vote

Traders were also digesting a batch of U.S. employment data released early Thursday which suggested the labor market remained healthy. ADP private-sector employment data released Thursday showed that the U.S. added 278,000 in May, surpassing economists’ expectations by nearly 100,000.

Gold prices are still trading in positive territory for this week, which is an “encouraging sign” for precious-metal traders, said Naeem Aslam, chief investment officer at Zaye Capital Markets. “Gold has been out of luck as traders are concerned about the strength of the dollar index, which continues to move higher due to higher odds of another interest-rate hike.”

The ICE U.S. Dollar index
DXY,
+0.46%
was down 0.7% at 103.56 in Thursday trading, but up 1% quarter to date.

This week is “highly important for gold traders as the U.S. jobs data is going to lay the foundation for gold’s price action,” Aslam said in emailed commentary.

Indeed, investor attention now turns to the May employment data from the U.S. Labor Department due Friday. The U.S. is expected to add 180,000 jobs in May, down from 253,000 in the prior month, economists polled by the Wall Street Journal estimate. That would be the second-smallest increase this year.

Read: Jobs report expected to show further slowdown in U.S. hiring

Friday’s NFP report, as well as the upcoming U.S. CPI data, are “set to hold sway over the Fed’s next interest rate moves,” said Han Tan, chief market analyst at Exinity Group, in market commentary.

“If hiring momentum in the U.S. jobs market softens meaningfully that should allow the Fed to pause its aggressive rate hikes,” he said. “Such hopes should carve out more breathing space for the likes of equities and gold.”

Meanwhile, lower Treasury yields this week have helped boost the price of gold, market analysts said, by making bonds seem less appealing. The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.699%
was off by 2.3 basis points in Thursday dealings to 3.612%.

Read the full article here

News Room June 3, 2023 June 3, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
President Trump holds Cabinet meeting

Watch full video on YouTube

How Tesla lost some of its biggest fans

Watch full video on YouTube

Is private equity becoming a money trap?

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Iran has increased enriched uranium by 50%, says UN watchdog

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Israel blocks Arab foreign ministers from meeting in West Bank

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Nursing Home Stocks Could Suffer from this Medicaid Spending Remedy

By News Room
Investing

Bitcoin Drops Below $90,000 Again. What Could Move It Next.

By News Room
Investing

These Stocks Are Moving the Most Today: Marvell, Nvidia, Broadcom, GM, Tesla, MongoDB, Burlington, and More

By News Room
Investing

Nvidia Stock Falls as Marvell Earnings Compound AI Gloom. The Rising Risks for Chips.

By News Room
Investing

This analyst says Tesla deliveries will be 16% below expectations. Musk is part of the problem.

By News Room
Investing

BP CEO was awarded no bonus pay from oil giant’s financial performance

By News Room
Investing

Shares of Starlink’s European competitor have tripled. CEO says it can do the job in Ukraine.

By News Room
Investing

GE Vernova Stock Rises as Analyst Flips to Upgrade After Rating Cut

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?