Gold slightly up ahead of US jobs data

Gold prices witnessed a modest hike today, June 4, as investors’ focus shifted to today's release of US job openings data, ahead of the monthly jobs report at the end of the week.

Bullion for August delivery increased slightly by $1 to $2,370.30 per ounce at 09:17 am Makkah time, after rising 1%, or $23.50, at the close of the first sessions of the week. However, spot prices held ground at $2,351.56 an ounce.

Silver futures for July delivery, on the other hand, stabilized at $30.82 per ounce, while platinum spot prices advanced 0.57% to $1,024.97 an ounce.

All eyes are on today’s release of US job openings data, with expectations suggesting a drop to 8.4 million in April from 8.49 million in March, which is seen to reflect a slowdown in the momentum of job demand.

"If the payrolls data comes above 200,000, which is kind of very rosy, then gold prices might slide further and even break that $2,320 support level," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, Reuters reported.