Gold prices were headed for a weekly rise on Friday, rising to their highest levels in over two months. As of 05:44 GMT, spot gold was up 1.2% at $3,423.30 an ounce, having earlier in the day reached its highest level since April 22. This week, bullion has risen more than 3.4% so far. At $3,444.50, US gold futures increased 1.2%. “With the news of the airstrikes, gold broke through resistance around $3,400, and if the escalation continues, there may be more upside ahead,” Waterer stated.
While weakening domestic demand helped keep producer prices in check in May, new applications for unemployment benefits stayed at an eight-month high last week, indicating a cooling US labour market and muted inflation pressures. Expectations of an early rate decrease were strengthened by the data, which was issued the day after the Labour Department reported a slight increase in consumer prices in May.
Instead of October as originally expected, traders now predict a 55 basis point reduction in the Federal Reserve’s interest rate by the end of the year, beginning in September. In other news, palladium dropped 0.5% to $1,050.61, platinum dropped 1% to $1,282.55, while spot silver dropped 0.3% to $36.25 an ounce. Weekly increases were planned for all three metals.
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