Gold Price Rose Modestly Monday, While Crude Prices Fell
London (Jun 2) Crude oil prices dropped on Monday as the dollar rose and on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations. The OPEC pumped at a two-and-a-half year high of 31.22 million barrels of oil per day in May, a monthly survey showed.
Gold futures rose modestly on Monday extending its winning streak to its fourth session, as a wave of encouraging U.S. economic data pushed the dollar higher. Gold prices jumped after the Institute of Supply Management released its manufacturing composite index. In the month of May, the index surged to 52.8, its highest level in three months. The reading outperformed the high end of consensus forecasts of 52.7. New orders, meanwhile, soared to a 55.8 level, its highest reading of the year.