Gold Rises on Weak US Data

Gold prices rose today, benefiting from weaker-than-expected US economic data that spurred demand for safe-haven assets, while traders assessed the ongoing global economic and political uncertainty.

Spot gold rose 0.1% to $3,377.79 per ounce. US gold futures also rose 0.1% to $3,401.20.

The ADP employment report showed that US private sector employers hired the fewest workers in more than two years in May, with investors awaiting Friday’s nonfarm payrolls report for further labor market indicators.

The US services sector contracted in May for the first time in nearly a year as companies faced rising input costs amid growing fears of stagflation.

Gold gained support after the Federal Reserve announced a slowdown in US economic activity, attributing this to rising costs and prices driven by higher tariff rates since the last monetary policy meeting. Among other precious metals, spot silver rose 1.3% to $34.50 per ounce, while platinum rose 0.6% to $1,090.81, while it fell 0.2% to $998.70.