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Gold Climbs 0.7% After Disappointing Economic Data Weakens Dollar

Gold prices surged on Wednesday, June 4th, climbing $23.30 to close at $3,373.50 per ounce – the highest closing level in nearly a month. This 0.7% gain more than made up for Tuesday’s decline and was driven by two key factors: a weakening U.S. dollar (down 0.5%) and disappointing economic data that boosted gold’s appeal as a safe haven investment.

The weak economic news included private sector job growth of only 37,000 in May (far below the expected 115,000), and a surprise contraction in the services sector with the ISM Services PMI falling to 49.9 from 51.6. President Trump responded to the jobs data by calling on Federal Reserve Chair Jerome Powell to lower interest rates, posting on Truth Social that Powell is “Too Late” and “must now LOWER THE RATE.”

Original Source: Nasdaq

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