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Gold Closed Higher, Dollar Weakens, U.S. Labor Market Data Expected

Gold futures closed higher on Thursday (June 2), supported by the weakening of the U.S. dollar. A weaker dollar makes gold contracts cheaper for holders of other currencies.

  • The gold futures were up $22.7, or 1.23%, at $1,871.4 per ounce.
  • Silver futures were up 36 cents, or 1.64%, at $22.275 an ounce.
  • The platinum contract was up $32, or 3.21%, at $1,028.4 an ounce.
  • The palladium futures were up $45.40, or 2.2%, at $2,036.50 an ounce.

Gold contracts rose against the falling US dollar. The dollar index against the six major currencies in a basket of currencies fell 0.66% to 101.8240.

The market is watching nonfarm payrolls today. Analysts predict that the number of jobs could increase by 325,000 in May. And the unemployment rate could fall to 3.5%, the lowest level since December 1969.

Investors are also waiting for the Federal Reserve (Fed) meeting on June 14-15 and expect the Fed to raise interest rates by 0.50% at that meeting. A hike is also expected at the July meeting to boost inflation.

The Spot Market is Open

Friday, June 3, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.40
1,866.90
1,867.90
-1.60
-0.09%
1,866.60
1,874.80
Silver
11.40
22.33
22.42
+0.06
+0.29%
22.26
22.52
Platinum
11.40
1,020.00
1,030.00
-1.00
-0.10%
1,019.00
1,035.00
Palladium
11.00
1,992.00
2,142.00
+2.00
+0.10%
1,990.00
2,165.00
Rhodium
05.00
13,300.00
15,300.00
0.00
0.00%
13,300.00
15,300.00

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