Home Business News Gold rises driven by economic data and Fed cut expectations

Gold rises driven by economic data and Fed cut expectations

5th Jul 24 3:32 pm

Gold continued to push higher on the last day of the week and is well-positioned for its second consecutive weekly gain following the recent release of US economic data indicating a slowing economy.

The weaker labour market and services sector data have particularly influenced market expectations, increasing the likelihood of a Federal Reserve interest rate cut in the coming months.

Furthermore, the US dollar is on track for a weekly decline, while US Treasury yields on the 10-year note have continued to fall for the third consecutive day, supporting higher gold prices.

The precious metal’s appeal is also supported by general demand as a safe haven driven by broader political and macroeconomic factors, including the ongoing risks associated with a potential Trump presidency.

Leave a Comment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]