Gold Trading Lower As U.S. Dollar Rises COMMODITIES: Gold Trading Lower As U.S. Dollar Rises Following U.S. Private Unemployment Data
09:23 AM EDT, 05/06/2020 (MT Newswires) -- Gold traded lower early on Wednesday as the U.S. dollar rose following the release of new U.S. unemployment figures that showed a drop in private payrolls of more than 20-million jobs.
Gold for June delivery was last seen down US$9.60 to US$1,701.00 per ounce in Comex electronic trading.
The drop comes following the release of the ADP private payroll figures for April showing the country shed 20.24 million jobs last month, close to expectations but enough to prompt investors to move to the U.S dollar.
The ICE dollar index was last seen up 0.31 to 100.02 points, making the metal more expensive for international buyers.
Despite the drop in jobs, investors are still showing a heightened appetite for risk as pandemic quarantine measures are eased. Stock markets in Europe and Asia are mixed. while futures point to a higher open on U.S. markets, lowering the need for gold as a safe haven.