Gold holds near $1860 mark

Published on Jun 06, 2022 11:47

Gold is seen correcting some of Friday`s downside that was induced by dollar gains amid rising prospects of aggressive rate hikes by the Federal Reserve after data showed a stronger than expected growth in U.S. non-farm payroll employment in the month of May. Gold is advancing at $1857.65 an ounce on Monday after easing to slightly below $1850 levels on Friday. Non-farm payroll employment in the U.S. jumped by 390,000 jobs in May after surging by an upwardly revised 436,000 jobs in April and as compared to an expected employment to increase by about 325,000 jobs. Meanwhile, the Labor Department said the unemployment rate remained unchanged at 3.6%. The unemployment rate was expected to edge down to 3.5%. US treasury yields pulled back to $2.94 levels and the dollar index, that measures the greenback against a basket of currencies is quoting at 102.11.