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Market News Update 📝🗞️
Gold rose 0.80% to $3,382 on Wednesday, recovering from a low of $3,343, as weaker-than-expected ISM services and ADP employment data indicated a slowdown in the US economy. Business activity contracted for the first time in nearly a year, while private hiring in May was weaker than expected, boosting demand for safe-haven assets like bullion.
Geopolitical tensions further supported gold after President Trump signed an executive order doubling tariffs on steel and aluminum to 50%, increasing friction with China ahead of a potential call with President Xi. Despite Trump's renewed criticism of Fed Chairman Powell, Fed officials struck a cautious tone, urging patience as markets now await Thursday's jobless claims and Friday's NFP reports for further policy cues.
