Gold may not break key support zone of $1930-$1920; US Fed policy eyed

Gold closed the week at $1,960.88 with a gain of 0.70%. Two-year US yields rose by almost 2% while ten-year yields increased by 1.11%. The US weekly jobless claims rose by 28,000 jobs to 261,000 jobs, the highest level reached in almost six years, sparking recession concerns. The US ISM non-manufacturing report for May also disappointed on multiple fronts. The US Federal Reserve indicated it will skip a rate hike at its June FOMC meeting. The Bank of Canada and the Reserve Bank of Australia unexpectedly hiked rates against market consensus, and the Swiss National Bank also issued an inflation warning.

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