Gold Steadies Near $1,700 With Stock Rally on Pause
Thursday, 4 June 2020 16:19 WIB | PRECIOUS METALS |GOLDEMAS

Gold nudged higher to trade just above $1,700 an ounce, as investors take stock after Wednesday™s drop and global equities pause for a breather from their recent rally.

Riskier assets gained yesterday after U.S. private payrolls showed fewer-than-expected job losses, adding to optimism over reopening economies. Traders are gauging hopes for a quick economic recovery against continuing risks to the growth, including U.S-China trade tensions. Attention also turns to the European Central Bank, which is expected to boost its rescue programThursday. Next up comes the U.S. labor market report on Friday.

Spot gold was up 0.3% at $1,704.47/oz at 9:51am in London after losing 1.6% Wednesday, the most since April 17.

Source : Bloomberg

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