Gold prices are drifting lower Wednesday morning, weighed down by a stronger dollar in the wake of recent upbeat economic data.

Traders also seem to be taking some profits ahead of the upcoming U.S. jobs data, due on Friday.

The dollar index advanced to 90.22, gaining about 0.43%.

Gold futures for August are down $6.40 or 0.34% at $1,898.60 an ounce.

Silver futures for July are declining by $0.267 or 0.95% at $27.835 an ounce, while Copper futures for July are down $0.0507 or 1.08% at $4.6013 per pound.

The dollar is gaining in strength against its major rivals, buoyed by a pick up in U.S. manufacturing activity. On Tuesday, data from the Institute for Supply Management showed factory activity in the country expanded at a slightly faster pace in May. ISM’s manufacturing PMI inched up to 61.2 in the month, up from 60.7 in April.

The material has been provided by InstaForex Company – www.instaforex.com

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