GOLD NEWS | GOLDCeylon | 04/07/2024
A sharp US Dollar decline pushed XAU/USD above the $2,360 mark for the first time in over two weeks. A rough of tepid United States (US) data pushed the US Dollar down, although the major catalyst was the ISM Services PMI, which unexpectedly dropped to 48.8 in June after posting 53.8 in May, also missing the expected 52.5.
The country also reported that Challenger Job Cuts showed US-based employers announced 48,786 cuts in June, down 23.6% from the 63,816 cuts announced in May. Furthermore, the May Goods and Services Trade Balance posted a deficit of $75.1 billion, better than anticipated, while Initial Jobless Claims for the week ended June 28 surged to 238K, worse than the 235K anticipated by market players. Finally, the ADP report on private job creation showed that the sector added 150K new positions in June, below the revised 157K from May and missing the 160K expected.
