Gold Breathes Back After Sinking Low!

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 Gold pared some of its earlier losses to return to trading higher on Tuesday.


The Asian session saw the yellow metal trading steady at around $1,960 per ounce, while gold futures were higher at $1,976 per ounce.


Earlier, gold prices fell sharply after being pushed back by the US NFP jobs data which showed a strong increase in employment in May.


Although wage growth is slowing and the unemployment rate is rising, investors are more focused on the job growth data being displayed.



The US dollar and the 10-year US treasury yield surged following the release of the data, pushing gold prices to a low of around $1,938 an ounce.


Even so, the greenback declined again and gold bounced back in the New York session (Monday) after the latest data showed that the US ISM services PMI data was less encouraging in May.


Although still showing expansion, other components of the service sector showed declining employment and new orders also declined.

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