Kitco
03 Jun 2026, 21:42 UTC · 1h ago
Gold breaks $4,440 as U.S.-Iran fighting pressures markets - Kitco PM Report
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Kitco
03 Jun 2026, 21:42 UTC · 1h ago
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Story key points
5 claims · impact-rated
U.S. and Iranian forces exchanged fire and talks over reopening the strait stalled, putting 11 to 14 million barrels of oil per day at risk. — Severe geopolitical escalation in a key oil transit zone creates systemic risk for global trade and fuels energy-driven inflation.
-0.80Private employers added 122,000 jobs in May, exceeding the 110,000 consensus and marking the strongest ADP print in 16 months. — Stronger-than-expected labor data supports a 'higher for longer' interest rate environment, weighing on non-yielding assets and equities.
-0.60The ISM Services PMI prices reading reached its highest level since August 2022 at 71.3. — Significant inflationary pressure in the services sector increases the likelihood of central bank hawkishness.
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The 10-year U.S. Treasury yield rose to near 4.5%, contributing to a decline in U.S. equities and precious metals. — Rising yields increase the discount rate for equities and the opportunity cost of holding gold and silver.
-0.40Spot gold fell 1.24% to $4,432.60 and spot silver dropped 3.17% to $72.755 following the rise in Treasury yields and the U.S. dollar. — Reflects the immediate market repricing of precious metals as monetary headwinds outweigh geopolitical safe-haven demand.
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