Gold Dips Below $2360; Silver Plummets by 2.2%

Published on Jun 04, 2024 14:02

Gold futures slipped below $2360 levels, whereas the sister metal, silver dipped down by more than 2% to trade at $30.06 per troy ounce. Whereas MCX gold and silver futures plummeted by Rs 1244 at Rs 90789 per kg and Rs 88 at Rs 72115 per 10 grams. On Monday, data showed that US manufacturing activity slowed for a second consecutive month in May, while construction spending unexpectedly fell in April due to declines in non-residential activity. This further increased speculations that the Fed has room to cut rates this year. Investors now await Wednesday`s ADP employment report and Friday`s non-farm payrolls data to assess the US economy`s health and its impact on Fed�s policy trajectory.