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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 (Investorideas.com 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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