Gold Hits a Two-Week Low Due to The Dollar’s Rise, With US Data Awaiting…

Gold fell to its lowest level in more than two weeks Friday, June 4, weighed by a stronger dollar, while investors awaited the US non-farm payrolls data for May, as bets loomed on a possible scaling back of stimulus measures by the US Federal Reserve.

And gold fell in spot trading 0.1% to $ 1868.89 an ounce, after hitting its lowest level since May 19 at $ 1855.59. Prices are down 1.8% since the beginning of the week. US gold futures settled at $1,872.60 an ounce.

The dollar index jumped to a three-week high against other major currencies, making gold more expensive for holders of other currencies, while the benchmark 10-year US Treasury yield rose to 1.63%.

All eyes are on the US jobs data due to be released later today to elicit more indications about the extent of the labor market recovery in the world’s largest economies and the monetary policy decisions in the near term by the Federal Reserve.

As for other precious metals, silver fell 0.5% to $ 27.31 an ounce and heading to record the largest weekly decline since late March. Palladium fell 0.6% to $2,823.42, and platinum fell 0.6% to $1,150.50.