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COMEX Gold supported in Asia

Published on Jun 06, 2023 12:08

Gold is seen recovering slightly on Tuesday tracking weakness in the dollar index that dipped below crucial 104 mark following overnight data from the US. The ISM said its services PMI fell to 50.3 in May from 51.9 in April, although a reading above 50 still indicates growth in the sector. The bigger than expected decrease by the headline index was partly due to a slowdown in the pace of growth in new orders, as the new orders index slid to 52.9 in May from 56.1 in April. The employment index dropped to 49.2 in May from 50.8 in April while business activity index edged down to 51.5 in May from 52.0 in the previous month. The dollar index is trading off its recent peaks and currently quoting at 103.90. Meanwhile, COMEX gold futures are seen quoting at $1976.10 per ounce, up 0.09% on the day.

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