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Precious metals shine
06-Jun-18   10:48 Hrs IST

Bullion prices settled higher at Comex on Tuesday, 05 June 2018. Gold futures settled higher on Tuesday for the first time in three sessions, to reclaim $1,300-an-ounce level as the U.S. dollar stronger turned lower for the week, helping the precious metal recoup some investment interest.

August gold tacked on $4.90, or 0.4%, to settle at $1,302.20 an ounce after falling in each of the last two sessions. In other metals trading, July silver added 0.7% at $16.543 an ounce.

The benchmark ICE U.S. Dollar Index, eased back from earlier gains to trade 0.2% lower at 93.828, while the yield on the benchmark 10-year Treasury note slipped 2.3 basis points to 2.912%, a supportive factor for gold.

Data last week showed that the U.S. created 223,000 new jobs in May, pushing unemployment down to an 18-year low of 3.8%. That news reinforced expectations the Fed will raise interest rates at least two more times in 2018 following its March rate increase, possibly as soon as this month.

Rising real interest rates impact the opportunity costs of holding gold because the metal provides no yield, and entices investors to rotate into riskier assets like stocks. Higher rates may also boost the value of the dollar, which usually moves in the opposite direction of the gold price.

On the economic front on Tuesday, the Institute for Supply Management said its survey of businesses, excluding manufacturing, rose to 58.6 last month from 58.8 in April. The Markit services purchasing managers index rose to 56.8 in May from 55.7.

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