Producers of metals and other raw materials rose after the European Central Bank cut interest rates.
In a widely telegraphed move, the ECB cut rates by one quarter of a percentage point to 3.75%, its first rate cut since 2019 as it began a retreat from its inflation fight, and widened a policy gap with the Federal Reserve, which isn't expected to follow suit for months.
In the wake of the cut, rate-sensitive gold futures recouped some recent losses.
The World Gold Council reported a robust inflow to exchange-traded funds tracking the precious metal in May, ending a 12-month long losing streak.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-06-24 1731ET
