Materials Decline as Dollar Strengthens, Gold Plunges - Materials Roundup

Producers of metals and other raw materials fell after a robust jobs report diminished the odds of a rate cut from the Federal Reserve in the near future and bolsterd the U.S. dollar.

Employers added 272,000 new employees in May, eclipsing the 190,000 tally forecast by a survey of economists. Average hourly earnings also topped forecasts, rising 4.1% from a year earlier.

Gold futures, which are particularly sensitive to shifts in foreign-exchange markets and interest-rate expectations, fell almost 3% to a one-month low. Reports that China had halted an 18-month bullion-buying campaign also weighed.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

06-07-24 1722ET