01.06.202010:17:00UTC+00Gold Gains Ground On Dollar Weakness

Gold prices were flat to slightly higher on Monday and the dollar weakened after violent clashes erupted in major U.S. cities and outside the White House between law enforcement and protesters taking to the streets, following the death last Monday of an unarmed black man, George Floyd, in police custody.

Spot gold rose 0.4 percent to $1,736.60 per ounce, while U.S. gold futures were marginally lower at $1,749.50.

The riots in major U.S. cities rattled investors already reeling from the deepening Sino-U.S. rift over Hong Kong. There are also concerns about a resurgence of the coronavirus as a result of the protests.

Meanwhile, Beijing has warned Washington of retaliation after U.S. President Donald Trump announced that the United States would ban some Chinese graduate students and start reversing Hong Kong's special status in customs and other areas.

On the data front, there is some cheer as a private survey showed that China's manufacturing sector moved into expansion territory in May.

The downturn in the euro area manufacturing sector eased noticeably in May as companies restarted work, final data from IHS Markit showed.



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