MTECHTIPS:-Gold drifts weaker in Asia, yuan eyed as buying cue

MTECHTIPS:-Gold drifts weaker in Asia, yuan eyed as buying cue

MTECHTIPS-Gold drifted weaker in Asia on Friday as investors kept a close eye on the yuan after it surged to a near seven-month high on Thursday for signs the stronger currency may lead to some bullion buying. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell 0.13%, to $1,265.35 a troy ounce. On Friday, USD/CNY was quoted at 6.8082. The nonfarm payrolls report on Friday, is expected to show that the U.S. economy created 185,000 jobs last month, and will be closely watched as it is the final jobs report before the Federal Reserve Open Market Committee (FOMC) meets in June. According to investing.com’s Fed rate monitor tool nearly 90% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%. Overnight, gold dipped on Thursday, pressured by a rebound in the dollar, after a surge in number of private sector jobs the U.S. economy created last month, set an upbeat tone ahead of Friday’s closely watched monthly jobs report. Private employers added 253,000 jobs in May, according to payroll processor ADP, well above Wall Street expectations of a 185,000 rise. In separate report, U.S. manufacturing activity ticked higher, hitting 53.5 in May, the Institute for Supply Management (ISM) said on Thursday. Economists had expected a rise to 52.8. A reading above 50 indicates that the manufacturing economy is generally expanding; below 50 indicates that it is generally contracting.
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