After trending higher in May, June headwinds worked against gold late in the session sending prices lower.
An uptrend that lasted most of May pushed gold above US$1,900 per ounce to end the month. However, June headwinds worked against the yellow metal late in the session sending prices lower.
Values fell as low as US$1,860 on Thursday (June 3) before a small uptick set in.
Positive growth in the US dollar paired with promising economic data has dampened gold’s ascent above US$1,900.
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The gold price reached a four week high of US$1,757 per ounce this session following a disappointing performance in March.
Gold reached a four week high of US$1,757 per ounce this session after a disappointing March. The early April rally comes courtesy of weaker 10 year Treasury yields and a lower US dollar.
After slipping to a six month low of US$1,721 on Monday (April 5), the yellow metal made two sharp gains, breaching the US$1,750 threshold on Thursday (April 8).
As the dollar and yields reversed course late in the week, gold was weighed down to US$1,745.
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