Gold swings to highest close in 10 sessions

Gold alloys

Gold prices ended in the green today, June 6, with markets evaluating the European Central Bank's end of its monetary tightening cycle, while anticipating the monthly US jobs report.

Bullion for August delivery spiked 0.65%, or $15.40, to finish at $2,390.9 per ounce, the highest close since the May 22 session ($2,415.70/ounce).

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, plunged by 0.10% to 104.17 points at 09:12 pm Makkah time.

“Yesterday’s weaker ADP jobs number gave the bulls a little bit of confidence that maybe tomorrow’s (payroll) report won’t be stronger than expected, and that’s going to be friendly for the gold and silver markets,” said Jim Wyckoff, senior analyst at Kitco Metals.

The CME FedWatch Tool showed that investors' likelihood of the Federal Reserve cutting interest rates by 25 basis points at the September meeting rose to 56.9% from 45.1% a week ago. There is a 41.7% chance for the same policy action to take place at the December meeting, versus 32.1% previously.