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Gold had a bumpy time this week, starting the period above the US$1,900 per ounce mark, but dropping to around the US$1,870 level on Thursday (June 3).
The yellow metal’s decline was blamed on factors such as US jobless claims, which fell below 400,000 this week, and a record high for the country’s service sector index.
Gold was back up to around US$1,890 by Friday (June 4) afternoon. Looking forward to the future, I heard this week from Gwen Preston of Resource Maven. She has a positive outlook for the precious metal, and is also optimistic about gold stocks, which she said are still historically cheap relative to gold.
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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