Precious metal prices rise as signs of U.S. economic slowdown intensify

Saxo Bank's head of commodities strategy, Hansen, said precious metals prices broke out of their recent trading ranges to rise on signs that the U.S. economy is slowing. Both metals traded higher ahead of the July 4 Fourth of July holiday in the U.S. after data showed the U.S. service sector contracted at its fastest pace in four years in June due to a sharp contraction in business activity and a drop in orders. This caused the dollar to give back some of its recent gains, as U.S. Treasury yields weakened and further fueled expectations of a rate cut, which was a positive for the precious metals.