S&P Global’s seasonally adjusted US Manufacturing Purchasing Managers’ Index (PMI) posted 48.4 in May, down from 50.2 in April, but broadly in line with the previously released ‘flash’ estimate of 48.5.
The Automated Data Processing Inc (ADP) said in its National Employment Report that private sector employment grew by 278,000 in May, well ahead of the market forecast of 170,000.
The US Labor Department reported that US nonfarm business sector productivity fell 2.1 percent in the first quarter of the year, a smaller decline than the previously reported 2.7 percent drop.
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The US Commerce Department reported that US spending on construction projects rose 1.2 percent in April to 1.91 trillion US dollars. The market expected construction spending to rise 0.1 percent in April.
“Gold prices are enjoying some weak US data that lowers the odds of a Fed rate hike,” said Ed Moya, analyst at online trading platform OANDA. “If the US jobs report doesn’t impress, that could be the catalyst that brings gold back above the US$2,000 level.”
In other precious metals, silver for July delivery rose 40 cents, or 1.70 percent, to close at 23.987 US dollars per ounce. Platinum for July delivery lifted 11.10 US dollars, or 1.11 percent, to settle at 1,010.10 US dollars per ounce.
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