{"id":18905,"date":"2023-06-06T10:51:17","date_gmt":"2023-06-06T14:51:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-ends-higher-after-a-decline-in-the-u-s-ism-services-reading\/"},"modified":"2023-06-06T10:51:17","modified_gmt":"2023-06-06T14:51:17","slug":"gold-ends-higher-after-a-decline-in-the-u-s-ism-services-reading","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18905","title":{"rendered":"Gold ends higher after a decline in the U.S. ISM services reading"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002138047\" role=\"document\">\n<p>Gold futures finished higher Monday, recouping a portion of their losses from the end of last week, as a drop in the ISM services index reading helped ease expectations for a June Federal Reserve rate hike.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.06%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       rose $4.70, or 0.2%, to settle at $1,974.30 an ounce on Comex.<\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.68%<\/bg-quote><br \/>\n       lost 11 cents, or 0.5%, to $23.64 an ounce.<\/p>\n<\/li>\n<li>\n      July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.13%<\/bg-quote><br \/>\n       added $32.90, or 3.3% to $1,036.40 an ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.62%<\/bg-quote><br \/>\n       shed $6.80, or 0.5%, to $1,410.30 an ounce.<\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.68%<\/bg-quote><br \/>\n       edged up by 1.1% to $3.77 a pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices had started the session lower but moved up following data showing most U.S. businesses grew at a slower pace in May, with the ISM services index falling to a five-month low of 50.3%, from 51.9% in April. <\/p>\n<div class=\"paywall\">\n<p>With Federal Reserve officials now in their pre-policy decision blackout for speaking in public, \u201cfinancial markets are left to focus on data alone, and today\u2019s ISM survey reads very badly,\u201d said Adrian Ash, director of research at BullionVault. <\/p>\n<p>Gold continues to \u201cmirror both the dollar and expectations for Fed interest rates very closely, so the U.S. services sector data has seen the precious metal reverse Friday\u2019s jobs data slump as betting that the Fed will raise rates in 2 weeks\u2019 time has evaporated,\u201d said Ash. The CME\u2019s FedWatch tool shows the market is pricing in the odds of a Fed interest-rate hike at 22.9%. <\/p>\n<p>The U.S. dollar steadied following the data, with the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.29%<\/bg-quote><span>,<\/span><br \/>\n       a measure of the currency against a basket of six major rivals, little changed at 104.02 in Monday dealings. Changes in the value of the dollar versus other currencies can make dollar-denominated gold more or less expensive to users of other currencies.  <\/p>\n<p>Gold ended lower on Friday after a much stronger-than-expected surge in May nonfarm payrolls provided support for the dollar. <\/p>\n<p>\u201cThe gold story is fairy uncomplicated at\u00a0the moment,\u201d Stephen Innes, managing partner at SPI Asset Management, told MarketWatch on Monday. <\/p>\n<p>\u201cThe U.S. economy continues to surprise to the upside, hence gold loses recession luster,\u201d while the Fed has \u201cseemingly boxed themselves into a pause in June,\u201d he said.<\/p>\n<p>\u201cThe dynamics from here get a bit more interesting as, beyond the next few meetings, the rate cuts could be hard to dislodge given investors have very strong recession priors,\u201d said Innes.\u00a0 <\/p>\n<p>He believes that means the market pricing in expectations for a rate cut will \u201csimply be deferred rather than materially reduced,\u201d and that could \u201ckeep gold alive and the dollar from going on a bigger bull run, all things being\u00a0equal.\u201d<\/p>\n<p>Still, a key question is whether the Fed will pause in June or continue to raise interest rates. If there is an increase in June, it would probably be 25 basis points, Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch.\u00a0 <\/p>\n<p>He said the central bank \u201cwill have to maintain a hawkish stance and language even if no rate increase occurs in June.\u201d Given that, he doesn\u2019t see gold going much higher in the short term and sees a \u201cconsolidation period under way.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-kicks-off-week-with-loss-as-dollar-treasury-yields-rise-d31dbcc5?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished higher Monday, recouping a portion of their losses from the end of last week, as a drop in the ISM services index reading helped ease expectations for a June Federal Reserve rate hike. Price action Gold for August delivery GC00, +0.06% GCQ23, +0.06% rose $4.70, or 0.2%, to settle at $1,974.30 an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-18905","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends higher after a decline in the U.S. ISM services reading | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished higher Monday, recouping a portion of their losses from the end of last week, as a drop in the ISM services index reading helped\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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