Gold prices started the week positively due to weak US PMIs raising the likelihood of a pause in the June FOMC meeting. Hawkish comments from the ECB president also aided bullion. However, gold prices took a nosedive after central banks in Canada and Australia hiked rates after pausing previously. This raised convictions of Fed also following the same route due to core inflation if it fails to ease. Despite this, gold prices rose on Thursday as US weekly jobless claims rose again, for the third consecutive week. Meanwhile, China increased its gold reserves for a seventh straight month.
