Gold prices rose during trading on Thursday, June 6, amid a decline in the dollar and US Treasury yields, amid increasing bets that interest rate cuts in America will begin in September. Lower interest rates reduce the opportunity cost of holding the non-yielding metal.
The European Central Bank holds its monetary policy meeting later today amid expectations that the bank will begin cutting interest rates, in a move that is the first of its kind since September 2019.
All eyes are also on the US monthly jobs report, due out on Friday, with expectations that the economy added 186,000 jobs last month.
U.S. private sector hiring fell to a four-month low in May, adding to signs of a weak labor market. Markets are now looking ahead to Friday's nonfarm payrolls data for more clues.
In terms of trading, gold futures rose by about 0.2% to $2,380 per ounce.
