Gold prices fall below $2,320 per ounce

Gold fell on Friday to trade below $2,320 an ounce, the lowest level in a month, under pressure from a hawkish shift in expectations for the US Federal Reserve and lower central bank purchases in Asia.

The US economy added a net 272,000 jobs in May, nearly 100,000 more than average market expectations, to support labor market resilience in the face of a prolonged period of high interest rates, supporting expectations that the Federal Reserve will further delay the start of interest rate cuts.

The data prompted markets to erase their consensus to cut interest rates in September, while investors showed uncertainty about one or two interest rate cuts to be implemented this year.