Gold steady on expectations of Fed rate hike pause (June 6)

June 6, according to foreign media news, spot gold was flat in early trading in Asia on Tuesday, after U.S. services data strengthened expectations that the Federal Reserve may pause its monetary policy tightening cycle this month. Earlier data showed that the U.S. services sector barely grew in May as new orders slowed, snapping an early rally sparked by strong job growth. The U.S. services sector barely grew in May as new orders slowed and a measure of business input prices fell to a three-year low, an Institute for Supply Management (ISM) survey showed, which could help the Fed fight inflation. Gold, a non-interest bearing asset, tends to become less attractive in a high interest rate environment.