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Gold rises slightly on negative U.S. economic data

CHICAGO
2022-06-02 03:25

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CHICAGO, June 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Wednesday on negative U.S. economic data.

The most active gold contract for August delivery rose 0.3 U.S. dollars, or 0.02 percent, to close at 1,848.7 dollars per ounce.

The U.S. Labor Department reported Wednesday that U.S. job openings fell 455,000 to 11.4 million in April, but remained at considerably high levels.

But rising U.S. dollar index and U.S. treasury yields capped gold's growth somewhat.

The Institute for Supply Management said Wednesday that its manufacturing index rose to 56.1 percent in May from 55.4 percent in April, beating expectations and staying above the 50-percent threshold indicating expansion for the 24th consecutive month.

The Federal Reserve is in danger of losing control of how much inflation American households are expecting, said St. Louis Fed President James Bullard on Wednesday.

In a speech to the Economic Club of Memphis, Bullard said: "I think we're on the precipice of losing control of inflation expectations."

Silver for July delivery rose 22.7 cents, or 1.05 percent, to close at 21.915 dollars per ounce. Platinum for July delivery rose 28.1 dollars, or 2.9 percent, to close at 996.4 dollars per ounce.
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