Silver rose above $35 an ounce for the first time since 2012, while gold prices remained steady ahead of the release of key U.S. labor market data that could influence the Federal Reserve’s interest rate moves. About this informs Reuters.
Gold was flat on June 5, while silver continued its sharp rise, breaking above $35 an ounce for the first time in more than 12 years. As of 11:47 Kyiv time, spot gold rose by 0.6% to $3,395.29 per ounce, while US gold futures rose to $3,419.70.
Investors are closely watching the publication of the US employment report to more accurately assess the prospects for a change in monetary policy. Preliminary indicators point to weaker-than-expected private sector employment growth in May.
Silver rose 2.5% to $35.83 an ounce, its highest since February 2012. Analysts point to increased activity in “ratio trading” between gold and silver, as gold has dominated for a long time against the background of reduced demand for silver from the industry.
Platinum rose 3.6% to $1,123.88 an ounce, while palladium rose 1.8% to $1,018.38. Saxo Bank recommends including precious metals in investment portfolios as a hedge against geopolitical instability, debt crises and inflationary pressures.
