In the US, The Bureau of Labor Statistics announced that the rate of unemployment fell to 4.3% in May which was suggested to be a 16-year low. However, while this was the case, it was also suggested that the pace of hiring had actually slowed. This meant in turn that the 138,000 new jobs which were added were below the 180,000 new jobs that economists were expecting. With unemployment low and jobs growth continuing, the Fed has clearly signalled that it wants to again raise rates twice more this year since raising rates in March. Following these announcements, gold prices rose to a near six-week high as investors turned to safe-haven gold.
Also in the USA, the dollar strengthened and gold saw losses as investors viewed the testimony from former US FBI director James Comey as containing no significant surprises. While Comey reported to the Senate Intelligence Committee that he believed President Donald Trump had instructed him to drop a Federal Bureau of Investigation into former national security adviser Michael Flynn, he did not make any major new revelations about alleged links between Trump or his associates and Russia.