{"id":126529,"date":"2024-07-08T09:43:46","date_gmt":"2024-07-08T09:43:46","guid":{"rendered":"https:\/\/kinesis.money\/?p=126529"},"modified":"2024-07-08T09:43:46","modified_gmt":"2024-07-08T09:43:46","slug":"gold-rallies-interest-rate-cut-hope","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-rallies-interest-rate-cut-hope\/","title":{"rendered":"Gold Price News: Gold Rallies On Interest Rate Cut Hopes"},"content":{"rendered":"\n

Gold prices rallied to a six-week high on Friday, lifted by US data which bolstered the case for interest rate cuts in the coming months.<\/p>\n\n\n\n

Prices climbed as high as $2,393 an ounce on Friday, compared with around $2,357 an ounce<\/a> in late deals on Thursday. That was the highest price for gold since May 22.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

The market appeared to react to a US unemployment report on Friday which showed that jobless numbers rose to 4.1% in June, above market expectations of 4%.<\/p>\n\n\n\n

In addition, US non-farm payrolls figures were released Friday, and while the headline number for June beat the market\u2019s expectations, the figures for April and May were revised sharply lower. Together, the latest round of figures points to a softer than expected US jobs market, and this strengthens expectations of interest rate cuts coming after the summer.<\/p>\n\n\n\n

Friday also marked the return of US traders to the market following the July 4 Independence Day holiday.<\/p>\n\n\n\n

The US dollar reacted by falling to a three-week low against other major currencies on Friday, further driving strength in gold as it makes the dollar-denominated precious metal cheaper for buyers in other currencies, boosting demand.<\/p>\n\n\n\n

Elsewhere, think tank the Economist Intelligence Unit published a report on Thursday forecasting that gold prices will average $2,312 an ounce in 2024, rising to $2,498 an ounce on average in 2025: Gold rally to continue as demand remains strong – Economist Intelligence Unit (eiu.com)<\/a><\/p>\n\n\n\n

The group cited bullish factors including expectations that the US Fed and ECB will continue to lower interest rates in 2025, and strong demand on the back of central bank and retail buying.<\/p>\n\n\n\n

Looking ahead, Monday is looking light on macro data releases, and the markets will be watching out for a round of speeches by US Fed officials on Tuesday for more clues on the trajectory ahead for interest rates.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices rallied to a six-week high on Friday, lifted by US data which bolstered the case for interest rate cuts in the coming months.<\/p>\n","protected":false},"author":50,"featured_media":126543,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-126529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Rallies On Interest Rate Cut Hopes | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 8th of July 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" 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