Gold nears three week high

Published on Jun 03, 2022 16:15

Gold firmed on Friday amid weakness in dollar and renewed demand for the safe haven asset on lingering concerns about global growth and inflation. The yellow metal bounced above $1870 mark, for the first time in more than three weeks. Gold for August delivery jumped more than 1% to $1871.65 an ounce. The U.S. dollar currency index, which tracks the greenback against six major currencies, was 0.8% lower at 101.69, on pace to snap a two-day streak of gains. Meanwhile, ADP released a report on Thursday showing private sector employment increased by much less than expected in the month of May. ADP said private sector employment climbed by 128,000 jobs in May after jumping by a downwardly revised 202,000 jobs in April. The much weaker than expected private sector job growth came as increases in employment at large and medium businesses were partly offset by a loss of jobs at small businesses.