Spot gold jumps 2.1% to $4,089.49 an ounce after weak ADP jobs report and Warsh inflation remarks
AI Market Summary
Gold rallied over 2% after a softer ADP jobs print and Fed Chair Warsh's remarks that inflation risks have eased, pushing Treasury yields lower and boosting demand for non-yielding precious metals. The move also lifted silver, platinum and palladium, highlighting broad precious-metals bid. Markets are now focused on the upcoming U.S. nonfarm payrolls report as the next catalyst for rates and yields.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT+1.08%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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On July 1, spot gold climbed 2.1% to $4,089.49 per ounce, a near six-month high, while silver, platinum and palladium rose 2.8%, 3.1% and 1.6%, respectively. The move followed an ADP report showing U.S. private payrolls rose by 98,000 versus forecasts of 118,000, alongside Federal Reserve Chair Kevin Warsh saying inflation expectations and risks have eased, according to Reuters. Lower Treasury yields boosted demand for non-yielding precious metals. Markets are awaiting Thursday’s U.S. nonfarm payrolls report.
