Gold falls on stronger than expected U.S. data

Xinhua
03 Jun 2023, 05:30 GMT+10

CHICAGO, June 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. May jobs report is stronger than expected.

The most active gold contract for August delivery fell 25.90 U.S. dollars, or 1.30 percent, to close at 1,969.60 dollars per ounce.

The U.S. Labor Department reported Friday that U.S. economy added 339,000 new jobs in May, better than the market estimate of 190,000 and marking the 29th straight month of positive job growth. The unemployment rate rose to 3.7 percent in May, against the estimated 3.5 percent.

Stronger than expected U.S. May employment suggests that the Federal Reserve may need to do more to tame inflation. However, rise in the unemployment rate in May acts to cloud the outlook surrounding the Federal Reserve's next moves about rate.

Market analysts hold that the U.S. consumer price index in mid-June may potentially offer a stronger signal about the Fed's decision at its monetary policy meeting in June.

Gold rose 1.3 percent for the week, the first weekly rise in about a month.

Silver for July delivery fell 24 cents, or 1 percent, to close at 23.747 dollars per ounce. Platinum for July delivery fell 6.60 dollars, or 0.65 percent, to close at 1,003.50 dollars per ounce.

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