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Gold Up as Positive U.S. Employment Record Continues to Cast its Glow

Published 06/08/2020, 12:21 AM
Updated 06/08/2020, 12:22 AM
© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, rallying from losses during the previous session.

Gold futures were up by 0.60% at $1,693.15  by 12:25 AM ET (5:25 AM GMT). Stocks, which usually move in the opposite direction to gold, were also up on Monday.

Investors retreated from the safe-haven yellow metal during the previous session after the U.S. Labor Department released an employment record that exceeded expectations on Friday. Non-farm payrolls increased by 2.5 million against a projected 8-million decrease, and the jobless rate for May was 13.3%, down from April’s 14.7%.

For the upcoming week, investors will focus on the U.S. Federal Reserve’s two-day policy meeting that starts on Wednesday for clues on further stimulus measures and the policy rate.

Some investors were optimistic about gold continuing its rally.

“We’ve still got economic uncertainty, trade tensions, problems in the (United) States... for the longer term, the influences are definitely more positive (for gold) than negative,” INTL FCStone analyst Rhona O’Connell told CNBC.

Latest comments

they are confusing retail traders
the only reason why paper gold is going up right now is because it is just another stock
gold is just undergoing a dead cat bounce we expect prices even to fall
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