Gold Climbs to $4,477 as Dow Jumps 875 on U.S.-Iran Deal Hopes

3 articles · Updated · Kitco NEWS · Jun 4

$4,477.70 spot gold and $73.955 silver rose in late U.S. trading, with bullion gaining as crude, Treasury yields and the dollar all softened ahead of Friday’s May payrolls report.
225,000 initial jobless claims—up 13,000—reinforced a view that the labor market is loosening only gradually, leaving traders focused on whether payrolls will shift the Fed rate-cut debate.
$93.02 Nymex crude and $95.22 Brent fell as markets treated the U.S.-Iran situation as a managed-disruption story rather than a full supply shock, even with Strait of Hormuz traffic still constrained.
874.86 points lifted the Dow to a record 51,561.93, while the S&P 500 gained 0.4%, the Russell 2000 rose 1.4% and the Nasdaq slipped 0.1% as lower yields favored a rotation beyond AI-linked tech.
4.5% on the 10-year Treasury captured the broader trade: easing inflation pressure from weaker oil supported risk assets and precious metals through the rate-cut channel more than through safe-haven demand.