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Gold glows near $3400 as weak us data stirs Fed cut hopes
05-Jun-2025 14:40
Gold held its sparkle near $3400 per ounce on Thursday, brushing a four-week high as disappointing US data fanned hopes of Fed rate cuts. MCX gold futures eased ₹159 to ₹98420 per 10 grams, trimming recent gains. A surprise contraction in US services and the slowest private job growth in over a year strengthened the case for policy easing. While Trump turned up pressure on the Fed and escalated trade tensions with new tariffs, officials remain cautious. Investors are now closely watching Friday's nonfarm payroll report, which could seal the case for summer rate cuts. In the meantime, gold remains cushioned by safe-haven flows amid global economic jitters.

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