Gold lingers near two-week high
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Gold prices remain near a two-week high as softer-than-expected US economic data raises hopes of interest rate cuts in September. Spot gold edged 0.1% higher to $2,358.19 per ounce. The weak services report and ADP employment report on Wednesday depicted a slowing US economy, increasing the likelihood of rate cuts. Lower rates reduce the opportunity cost of holding non-yielding gold. The market is now focused on Friday's non-farm payrolls data, with expectations of weaker job creation. Traders are also monitoring the impact of US sanctions on Russia, which have led central banks and governments to move towards gold to eliminate counterparty and default risk. Spot silver fell 0.2% to $30.409, while platinum rose 1.6% to $1,012.50. Palladium was 0.5% down at $1,024.66.
#Gold #UsEconomy #InterestRateCuts #NonfarmPayrollsData #UsSanctions #Russia
https://www.brecorder.com/news/40311320
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