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Core Viewpoint - The recent fluctuations in gold prices are driven by economic instability in the U.S., particularly due to unexpected contraction in the services sector and disappointing employment data, alongside geopolitical tensions and expectations of interest rate cuts by the Federal Reserve [1][3]. Group 1: Economic Indicators - The ISM non-manufacturing PMI fell to 49.9, marking the first drop below the 50 threshold since June 2024, indicating contraction in the services sector, which constitutes two-thirds of the U.S. economy [3]. - The ADP national employment report showed only 37,000 jobs added in May, significantly below the expected 110,000, representing the smallest increase in over two years [3]. Group 2: Gold Market Dynamics - The combination of shrinking services and weak ADP employment data has led to increased demand for gold as a safe-haven asset, with prices reaching as high as $1,384 per ounce following the data release [3]. - Market sentiment is leaning towards a potential rise in gold prices, with expectations that the upcoming non-farm payroll report could further influence Federal Reserve monetary policy and support gold prices [4]. Group 3: Future Outlook - Investors are closely monitoring the upcoming non-farm payroll report on June 6 for insights into the labor market and potential implications for Federal Reserve actions, which could either bolster or pressure gold prices depending on the report's strength [4]. - The European Central Bank's anticipated interest rate cut and ongoing international trade tensions are also expected to provide support for gold prices in the medium to long term [4].