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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Also Read:<\/strong><\/p>\n Regardless of Trump’s Opinion, Israel Decided to Take Action Right Away<\/a><\/p>\n