Gold prices remained stable on Friday but were poised for their second consecutive weekly gain. Weak economic data from the U.S. has fueled expectations that the Federal Reserve might cut interest rates this year.
Current Market Status
Economic Indicators
Recent data indicates a slowdown in the U.S. economy:
Investors are now looking at the flash purchasing managers’ indexes due at 0145 GMT for further insights into the economy’s strength. Current market sentiment suggests a 64% chance of a Fed rate cut in September, according to the CME FedWatch Tool. Lower interest rates typically reduce the opportunity cost of holding non-yielding assets like gold.
Other Precious Metals
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