Producers of metals and other raw materials rose as the U.S. dollar slid against other currencies in anticipation of a Federal Reserve rate cut.
A surprisingly weak reading of jobs growth in the private sector, with an anemic 37,000 tally of workers added to payrolls in May, spurred bets that the central bank would cut interest rates at its upcoming meeting.
Separately, the "Beige book" survey from regional Fed banks suggested the U.S. economy slowed to a crawl in May, with consumers pulling back on spending and businesses delaying hiring.
According to the report, nine of the 12 Fed districts reported contraction in economic activity or no change in growth. Gold futures rose, and closed within 1.1% of all-time highs, after the slide in the dollar.
Steelmakers were more or less flat even as the U.S. was set to double tariffs on steel and aluminum to 50% as of midnight.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
June 04, 2025 17:15 ET (21:15 GMT)
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