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Gold Falls to Near 2-Week Lows

Jun 04, 2021 ( via COMTEX) --

Gold prices languished near two-week lows on Friday and looked set for their worst week in three months after robust U.S. economic data boosted the dollar and bond yields, ahead of much awaited May non-farm payroll numbers.

Spot gold was down 0.1% at $1,869.56 U.S. per ounce overnight, after hitting its lowest since May 20 in the previous session. Prices have fallen 1.7% so far this week.

U.S. gold futures eased 0.1% at $1,872.10 per ounce.

The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week, while U.S. private employers stepped up hiring in May, spurred by robust demand amid a rapidly reopening economy.

Meanwhile, a measure of U.S. services industry activity increased to a record high in May.

Focus now turns to U.S. jobs data later on Friday for further cues on economic recovery and near-term Federal Reserve policy action.

Silver fell 0.2% to $27.39 U.S. per ounce, palladium dipped 0.2% to $2,832.33 U.S., and platinum slipped 0.4% to $1,152.21 U.S.

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