Gold prices rose on Wednesday, holding above $3,600 per ounce, supported by expectations of a U.S. interest rate cut this month, while investors await key inflation reports this week.
اضافة اعلان
As of 01:01 GMT, spot gold gained 0.3% to $3,635.329 per ounce after surging to a record high of $3,673.95 on Tuesday.
However, U.S. gold futures for December delivery slipped 0.2% to $3,673.70.
Kyle Rodda, a financial market analyst at Capital.com, said: “Sentiment is pushing prices higher. There are several major factors driving gold prices at the moment. The main factor is the expectation of U.S. interest rate cuts.”
U.S. producer price inflation data will be released at 12:30 GMT, followed by consumer price inflation figures on Thursday, both closely watched for further signals on the interest rate path.
The U.S. government said on Tuesday that the economy likely added fewer jobs than previously estimated in the twelve months through March, suggesting that job growth had already slowed before President Donald Trump imposed higher tariffs on imports.
Nonfarm payroll data released last week also pointed to weakening labor market conditions in the U.S., further reinforcing expectations of a rate cut at the Federal Reserve’s policy meeting this month.
As for other precious metals, silver rose 0.3% in spot trading to $41 per ounce, platinum gained 0.9% to $1,380.74, while palladium was little changed, steadying at $1,148.57.
Reuters
