Gold rises as US dollar weakens

CHICAGO: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the US dollar index weakened, according to Xinhua.
 
The most active gold contract for August delivery rose 13.40 US dollars, or 0.68 per cent, to close at 1,995.50 dollars per ounce.
 
The market is waiting for the monthly jobs report due out Friday, which is going to lay the foundation for gold’s price action.
 
Economic data released Thursday is mixed. The US Labour Department reported that US initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 232,000 for the week ending May 27.
 
The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index posted 48.4 in May, down from April’s 50.2, but broadly in line with the earlier released ‘flash’ estimate of 48.5.
 
The Automated Data Processing Inc. said in its National Employment Report that private sector jobs grew by 278,000 in May, well ahead of market forecasts of a 170,000 gain.
 
The US Labour Department reported that the US non-farm business sector productivity decreased 2.1 per cent in the first quarter of this year, a smaller decline than the previously reported decrease of 2.7 per cent.
 
The US Commerce Department reported that US spending on construction projects rose 1.2 per cent in April to 1.91 trillion dollars. The market was expecting construction spending to rise 0.1 per cent in April.
 
Silver for July delivery rose 40 cents, or 1.70 per cent, to close at 23.987 dollars per ounce. Platinum for July delivery rose 11.10 dollars, or 1.11 per cent, to close at 1,010.10 dollars per ounce. – BERNAMA-XINHUA