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Jun 04, 2025
Gold hits $3,376 as dollar dips and tensions grow
Investors return to gold ahead of US jobs report
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Gold prices rose sharply during Wednesday's trading, reaching $3,376 per ounce, as investors increasingly turned to gold as a safe haven amid escalating geopolitical tensions, particularly between the United States and China, and a declining US dollar index. This rise comes at a highly sensitive time for global markets, as investors await the release of US non-farm payrolls (NFP) data on Friday, which could be a crucial indicator of the US Federal Reserve's monetary policy direction. |
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Expectations are growing that any signs of a slowdown in the US labor market could reopen speculation about a rate cut this summer, increasing the appeal of gold.
Amid these developments, gold appears to be benefiting from a combination of a weaker dollar and increasing economic and political uncertainty, which is giving it upward momentum at the moment.