Gold Prices Surge Today Amid Weak USD and Lower Treasury YieldsToday, gold prices surged, with the last trade at $2,375.2 per ounce, up $27.8 from yesterday morning.
Gold rose midweek, supported by the weakening USD and lower Treasury yields, following the latest data showing a cooling labor market.
According to the ADP report, private companies added 152,000 jobs in May, significantly lower than the previous month's figure and expert forecasts. This is the lowest monthly number since January.
The weak labor numbers could act as a catalyst, prompting the Federal Reserve (Fed) to cut interest rates before the end of the year, thereby increasing gold's appeal.