Gold weakens on US dollar uptick ahead of US data release

Gold prices swung to losses today, June 1, after the US Congress approved the US debt ceiling bill, as monetary policy concerns loom.

Passing the bill reached by US President Joe Biden and Republican House Speaker Kevin McCarthy means sending it to the Senate days before the June 5 deadline to avert a historic debt default.

Bullion for August delivery shed 0.46%, or $9.10, to reach $1,973.00 an ounce at 11:08 am Makkah time, with spot prices also down 0.38% to $1,955.24 per ounce.

Silver futures for July delivery also fell 0.92% to $23.38 an ounce, while platinum spot prices climbed 0.57% to $1004.10 per ounce.

On the other hand, the US dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.29% to 104.47 points.

Today, ADP is scheduled to release the US private sector jobs report, amid expectations for the addition of 173,000 jobs in May. Data on US jobless claims is also due, which may record 236,000 applications last week, alongside the ISM Manufacturing Index reading.