Gold falls ahead of US jobs report

Gold and silver prices closed lower on Friday, with gold fully erasing its year-to-date gains as persistent Middle East tensions fueled inflation concerns and reinforced expectations of tighter monetary policy.

 

Precious metals came under heavy pressure after US jobs data showed the economy added more jobs than expected in May, giving the Federal Reserve greater scope to focus on reining inflation.

 

The data boosted expectations that the Fed could raise interest rates by its December policy meeting, driving Treasury yields and the US dollar higher.

 

In the Middle East, Hezbollah rejected a ceasefire agreement in Lebanon and Israel said it would not withdraw its forces, while a military adviser to Iran's Supreme Leader said talks with the US had reached a deadlock, though he ruled out a return to military confrontation.

 

 

Gold and Silver Futures Prices

 

Metal

Price (USD/Ounce)

Change (USD)

 

Change (%)

 

Gold (August Delivery)

4,365.30

(139.70)

(3.10%)

(4.95%)

Silver (June Delivery)

68.943

(4.836)

(6.55%)

(8.82%)

 
*Settlement on June 5

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Commodity Price

 
Gold
3,895.37
18.75 0.48%
Silver
49.93
(0.14) (0.29%)
PLATINUM
1,522.00
2.90 0.19%

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