Gold prices modestly dip amid US market holiday lull

Gold prices saw a marginal drop today, May 29, amid subdued trading in light of the US market holiday, and as demand for safe-haven assets weakened after America reached an “in principle” deal on the debt ceiling.

Bullion for August delivery decreased slightly by 0.12% to $1,960.80 an ounce at 11:18 am Makkah time, with spot prices also down 0.18%, or $3.43, to $1,943.03 per ounce.

Further, silver futures for July delivery also settled at $23.37 an ounce, while platinum spot prices advanced 0.54% to $1,031.96 per ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, held ground at 104.25 points.

This week, all eyes are on the US jobs report, which will be out on June 2, amid expectations for the addition of 253,000 new positions in May, with the unemployment seen falling to 3.4%.