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Gold Rises Driven by Economic Data and Fed Cut Expectations

Today market analysis on behalf of Milad Azar Market Analyst at XTB MENA


July 5, 2024 ( Newswire) 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.

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