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Gold futures finish higher on recession fears

06 Jun 2023 Evaluate
Gold futures finished higher on Monday, as the recession fears accelerated after US ISM services reading dipped for May buoying safe haven appeal. The ISM reports indicate a rapid softening in business activity. Moreover, softness in dollar and US Treasury bond yield notes also kindled yellow metal investments.

Gold futures for August delivery rose by $4.70 or 0.23% to settle at $1974.30 ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $0.23 or 0.11% to $1,959.63 per ounce.