Gold prices rose to their highest in more than a week on Thursday (June 1), as the dollar fell after dismal US economic data.
Closing Thursday's session, the spot gold contract advanced 0.76% to $1,977.19 an ounce, after touching $1,981.09 an ounce earlier, its highest level since May 24. Gold futures added 0.65% to $1,994.90 an ounce.
Manufacturing in the US fell for a seventh straight month in May as new orders continued to plummet, while the number of Americans filing for unemployment benefits for the first time increased slightly last week.
The escalation of the war led to an increase in investors' preference for gold as a reserve. The trend towards gold is stronger than the economic recovery.
Gold price faces the next major technical hurdle on the daily chart below.
The 4-hour chart shows that the pair has bounced off the currently rising EMA34 and is currently attempting to Hold above the EMA89.
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S&P 500 futures contracts posted decent gains in Asia on positive market sentiment following the passage of the US debt ceiling bill in Congress and reduced expectations for another period of productivity gains. since then the Federal Reserve (Fed).
The US Dollar Index refreshed weekly lows at 103.45 as Fed policymakers are supporting a pause in the June monetary policy meeting due to the fact that manufacturing activity in United States water is constantly being withdrawn.
The US Dollar Index refreshed weekly lows at 103.45 as Fed policymakers are supporting a pause in the June monetary policy meeting due to the fact that manufacturing activity in United States water is constantly being withdrawn.
