BlockBeats News, June 6th. Boosted by strong US job data, the market widely expects the Federal Reserve to raise interest rates this year, putting pressure on the gold market and causing gold to fully retreat from its gains earlier this year. During the US session, spot gold fell by about 3.5%, breaking below $4320 per ounce, failing to sustain the upward trend seen earlier this year. At the same time, bond yields and the US dollar exchange rate both rose.

Currently, the strong performance of the labor market has given Federal Reserve officials room to raise interest rates, although tensions in the Middle East have pushed up energy prices. The rise in interest rates typically bodes ill for non-yielding precious metals. (Golden Finance)