5 June 2024
Gold prices saw a slight uptick on Wednesday, supported by a weaker U.S. dollar and Treasury yields, as traders awaited additional economic data to gauge the Federal Reserve’s stance on monetary policy. Spot gold rose by 0.1% to $2,330.70 per ounce, following a 1% decline in the previous session, while U.S. gold futures also increased by 0.1% to $2,350.30. With the dollar rebounding from a near two-month low and Treasury yields remaining subdued, gold appears more appealing to investors. Market focus is on key data releases, including the ISM services report and ADP employment report scheduled for Wednesday, followed by non-farm payrolls data on Friday, to assess the state of the U.S. economy.