Gold futures concluded higher on Thursday (June 1), supported by a weakened dollar and expectations that the Federal Reserve (Fed) would maintain interest rates during its upcoming meeting. Investors also awaited the release of US non-farm payroll figures, set to be unveiled today.
Gold futures experienced a 0.68% increase, rising by $13.40 to close at $1,995.50 per ounce. Similarly, silver futures rose by 1.70% or 40 cents to reach $23.987 per ounce. Platinum futures witnessed a gain of 1.11% or $11.10, closing at $1,010.10 per ounce. Palladium futures showed a notable increase of 2.3% or $31.70, ending the day at $1,390.70 per ounce.
The dollar index, measuring the currency against a basket of six major counterparts, weakened by 0.74% to 103.5585 overnight. Consequently, the devalued dollar contributed to lower costs for dollar-priced gold contracts, making them more affordable for investors.
Another favorable factor for the gold market stemmed from expectations that the Federal Reserve would maintain its current interest rates during its meeting scheduled for June 13-14. Several Fed officials, including Philadelphia Fed President Patrick Harker and incoming Fed Vice Chairman Philip Jefferson, expressed support for a pause in rate adjustments during the June meeting. Jefferson highlighted the importance of gathering more insight before determining the extent of financial tightening policies.
Moreover, labor data played a role in shaping expectations regarding the Fed’s interest rate decisions. According to the US Department of Labor, unit labor costs (ULC), a significant inflation gauge for the Fed, increased by 4.2% in the first quarter, marking a slowdown from the initial estimate of 6.3% growth.
Investors closely monitored the release of the US non-farm payroll report, which was expected today. Analysts predicted a rise of 180,000 jobs in May, representing a deceleration from the 253,000 jobs added in April. The unemployment rate was anticipated to increase to 3.5% in May, up from 3.4% in April.
The Spot Market is Open
Friday, June 2, 2023
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 11.30 | 1,980.20 1,981.20 | +2.80 +0.14% | 1,974.20 1,984.20 |
| Silver 11.30 | 23.93 24.03 | +0.08 +0.31% | 23.78 24.11 |
| Platinum 11.30 | 1,008.00 1,018.00 | +2.00 +0.20% | 1,002.00 1,019.00 |
| Palladium 11.10 | 1,374.00 1,434.00 | +4.00 +0.29% | 1,366.00 1,435.00 |
| Rhodium 05.00 | 6,550.00 7,550.00 | 0.00 0.00% | 5,550.00 7,550.00 |