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- Gold price traded hits 11-week low due to the stronger U.S. dollar
Gold price traded hits 11-week low due to the stronger U.S. dollar
Gold price hit 11-week low due to the stronger U.S. dollar. The U.S. dollar rose against the most major currencies after the release of the U.S. labour market data. The U.S. economy added 280,000 jobs in May, exceeding expectations for a rise of 2225,000 jobs, after a gain of 221,000 jobs in April. It was the largest increase since December.
The U.S. unemployment rate rose to 5.5% in May from 5.4% in April. Analysts had expected the unemployment rate to remain unchanged at 5.4%.
The increase was driven by people entering the labour force in search of work.
Average hourly earnings increased 0.3% in May, beating forecasts of a 0.2% gain, after a 0.1% rise in April.
The labour-force participation rate was up to 62.9% in May from 62.8% in April.
The Greek debt crisis remained in focus. According to the IMF and Greek officials, Athens plans to bundle its repayment of IMF loans. Greece have to repay of around $1.7 billion IMF loans. Greece had to repay its IMF loans on June 5, 12, 16 and 19.
June futures for gold on the COMEX today fell to 1170.50 dollars per ounce.
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