Gold Enters the Weekend Down $21.2

Gold futures closed lower on Friday (June 3) under pressure from a stronger U.S. dollar. This makes gold contracts more expensive for investors holding other currencies.

  • The gold futures were down $21.2, or 1.13%, at $1,850.2 an ounce. This was the biggest single-day drop in about three weeks.
  • Silver was down 36.7 cents, or 1.65%, to close at $21.908 an ounce.
  • The platinum contract was down $12, or 1.17%, at $1,016.4 an ounce.
  • The palladium contract was down $61.60, or 3%, at $1,985.90 an ounce.

Gold contracts were pressured by a stronger dollar. The dollar index against the six major currencies in a basket of currencies rose 0.31% to 102.1390.

The dollar is strengthening after better-than-expected U.S. jobs data reinforced expectations that the Federal Reserve (Fed) will continue to raise interest rates in the coming months.

The U.S. Labor Department reported Friday that nonfarm payrolls increased by 390,000 in May and the unemployment rate is stable at 3.6%.

The Institute for Supply Management (ISM) reported that the non-manufacturing PMI (Purchasing Manager Index) fell to 55.9 in May from 57.1 in April.

The index remains above 50, indicating that the non-manufacturing sector in the U.S. continues to expand. However, it slowed due to pressure from supply problems. This could be exacerbated if China pursues a zero-tolerance policy and escalates sanctions against Russia.

In addition, S&P Global announced that the services PMI was 53.4 in May, down from 55.6 in April.

The Spot Market is Closed

Saturday, June 4, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,851.10
1,852.30
-17.40
-0.93%
1,847.10
1,874.80
Silver
04.00
21.90
22.00
-0.36
-1.62%
21.76
22.54
Platinum
04.00
1,012.00
1,022.00
-9.00
-0.88%
1,003.00
1,042.00
Palladium
04.00
1,924.00
2,074.00
-66.00
-3.32%
1,906.00
2,165.00
Rhodium
04.00
13,500.00
15,500.00
+200.00
+1.50%
13,300.00
15,500.00

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