Gold prices fall as US dollar gains strength.

Gold and silver prices have fallen due to a stronger US dollar index following a better-than-expected May US employment report, which suggests that the Federal Reserve will remain hawkish on its monetary policy for longer. Meanwhile, Saudi Arabia has decided to unilaterally cut its crude oil production by around 1 million barrels per day, starting in July, while the OPEC-plus cartel has decided to leave its collective crude oil output unchanged. The Euro zone producer price index for May came in at up 1.0%, year-on-year, which was lower than expected.