Gold price holding steady gains against the Canadian dollar as BoC cuts rates by 25 basis points
==========

The Bank of Canada (BoC) has cut its target for the overnight rate to 4.50%, with the Bank Rate at 4.75% and the deposit rate at 4.50%. The rate cut is not impacting the gold market as it maintains its gains against the Canadian dollar. Spot gold last traded at $3,343.85 an ounce, up 0.71% on the day. The BoC expects that inflation pressure will continue to ease, providing more room for additional rate cuts this year. Stephen Brown, Deputy Chief North America Economist at Capital Economics, expects the BoC to cut rates again in September as inflation and economic growth slow. Neils Christensen is the author of the article.

#Gold #BankOfCanada #InterestRates #Inflation #Economy

https://www.kitco.com/news/article/2024-07-24/gold-price-holding-steady-gains-against-canadian-dollar-boc-cuts-rates-25