05.06.2024 17:55:36
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Gold price up over 1% on Fed rate cut optimism
Gold prices rebounded on Wednesday as soft US labour market data firmed up bets of a Federal Reserve interest rate cut this coming September.By 11:30 a.m. ET, spot gold traded 1% higher at $2,351.52 an ounce, erasing its losses from last session. US gold futures gained nearly the same percentage point at $2,370.50 per ounce.Bullion had fallen near the $2,320 mark earlier this month after hitting a new record high of $2,449.89 due to uncertainties over the Fed’s monetary policy.“We’ve had a bit of a pullback, we’d prefer to call it a consolidation. But again, the underpinning positive bias really comes from strong expectation that we are moving towards a interest rate cuts at some point later this year,” said David Meger, director of alternative investments and trading at High Ridge Futures.Traders are currently pricing in about a 59% chance of a Fed rate cut in September, according to CME FedWatch. The European Central Bank, however, is seen almost certain to trim rates by a quarter point to 3.75% on Thursday, which could make it the first major central bank to cut rates this cycle.Also supporting bullion, the latest US labour report showed private payrolls increased by less than forecast, firming up bets of a September rate cut.“The labor market should not be seen as a risk for inflation any longer,” analysts at TD Securities said. “It is also supportive of the Fed beginning to ease policy in September if inflation continues to gradually normalize as we expect by then.”The labour data comes days after reports of a slowdown in US manufacturing activity for a second straight month and an unexpected decline in US construction spending.(With files from Reuters)Weiter zum vollständigen Artikel bei Mining.com
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