Gold Severely Rejected Falling Strong USD - Kakiforex.com - Financial Market Media No. 1 in the World Gold Severely Rejected Falling Strong USD Gold Severely Rejected Falling Strong USD

June 4, 2021

Gold Severely Rejected Falling Strong USD

 Gold prices extended their decline lower after a strengthening reading of US economic data pushed the US dollar to a three -week high against its major rivals.


In the Asian session, the precious metal slipped to a two -week low of $ 1,855 an ounce, with gold futures trading around $ 1,860 an ounce.


The ADP jobs report beat market expectations by showing private employment growth soared to nearly 1 million in May, with a reading of 978,000 already recorded.


Meanwhile, the number of U.S. jobless claims also reported a significant drop last week, with a drop below 400,000 for the first time since the pandemic outbreak in the U.S. began.



Following this encouraging growth, 10 -year US bond yields and the greenback dollar were driven higher towards the weekend.


This has left gold trading under pressure, coupled with positive expectations for the US NFP jobs report to be released tonight.


Gold prices extended their decline lower after a strengthening reading of US economic data pushed the US dollar to a three -week high against its major rivals.


Also putting pressure on gold was when the Federal Reserve (Fed) announced to halt one of its programs for the business sector set to support the economy during a pandemic.