Gold Futures Fall to 4462.7 USD/oz on June 3 as U.S. Job Data Beats Forecasts

According to Comex data, gold futures fell to 4462.7 USD/oz on June 3, down 1.27%, while domestic Shanghai gold futures declined 0.74% to 973.42 yuan/gram. The decline came after stronger-than-expected U.S. employment data: May ADP jobs increased by 122,000, the largest gain since January 2025. The ISM Services Index rose to 54.5, above forecasts of 53.8, signaling resilient consumer activity despite energy cost pressures.

The U.S. Federal Reserve's Beige Book showed sustained inflation as energy prices continue to pass through the economy, prompting markets to price in further rate hike expectations. Geopolitical tensions also weighed on sentiment after Kuwait closed its airspace following Iran attacks, raising concerns about continued disruptions to Strait of Hormuz shipping through September.