Dollar hits three-week high U.S. 10-year Treasury yield rises above 1.6% (Adds comment, updates prices)
June 4 (Reuters) - Gold was set for its biggest weekly decline since March on Friday, pressured by a firm dollar and upbeat U.S. data that pointed to a strengthening labor market, raising expectations for strong nonfarm payrolls data.
Spot gold was little changed at $1,870.07 per ounce by 1118 GMT, after hitting its lowest since May 19 at $1,855.59 earlier in the session.
U.S. gold futures traded 0.1% lower at $1,871.10 per ounce.
While a stronger-than-expected U.S. jobless claims data has already raised concerns about early tapering by the Federal Reserve, much really hinges on Friday’s job figures, as “gold has been building up for a correction for quite a long time now”, said Ole Hansen, head of commodity strategy at Saxo Bank.
By Reuters Staff
3 Min Read
June 2 (Reuters) - Gold prices on Wednesday retreated from a near five-month high marked in the previous session, as an uptick in bond yields weighed on the safe-haven metal while strong U.S. economic data prompted the shift back into riskier assets.
FUNDAMENTALS Spot gold was down 0.1% at $1,898.58 per ounce, as of 0053 GMT, after hitting its highest since Jan.8 at $1,916.40 on Tuesday. U.S. gold futures eased 0.2% to $1,901.90 per ounce. Data showed that U.S. manufacturing activity picked up in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.
Anglo American said on Thursday that it has restarted underground mining at its Moranbah North coal mine in northern Queensland state after it withdrew its workforce from the mine following a reading of elevated gases on Feb. 20.
By Reuters Staff
2 Min Read
June 3 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
- Dropbox attracts activist interest from Elliott as shares languish on.ft.com/3cwgegD
- Twitter removes post by Nigeria s president threatening violence on.ft.com/3ccv6Az
- Trafigura warned Credit Suisse over Gupta invoice last year on.ft.com/3yQYTIy
Overview
- Deutsche Bank has told its roughly 1,500 U.S. investment bank employees that they must be back in the office by early September as it became the latest Wall Street lender to spell out its return-to-work policy.