Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 0.7% to finish above $3,373 after another spate of weak US data pressured Treasury yields and the dollar, boosting safe-haven assets. Silver picked up less than 0.1% to finish at $34.52 an ounce.

ADP reported that private payrolls added only 37,000 jobs in May, the fewest in more than two years, as companies paused hiring because of uncertainty over trade policies. This Friday's release of the government's nonfarm payrolls report should provide a more authoritative snapshot of the labor market.

Separately, the US services sector fell into contraction in May as the most aggressive trade wars since the 1930s filter into the economy. Service-related businesses contribute around 70% of US GDP.

Benchmark 10-year Treasury yields retreated to under 4.4% as investors sought the perceived safety of US government debt. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds.

Tracking lower with yields, the dollar dopped 0.6% against major rivals, boosting gold and other commodities priced in it for global trade by making them cheaper in other currencies

Platinum rose 1.6% while palladium fell 1.6%.

At the New York spot close: gold gained $23.30 to $3,373.50; silver added 2 cents, to $34.52; platinum picked up $17.40 to $1,088.70; and palladium lost $15.80 to $1,000.30 an ounce.