Gold Holds Near Two-Week Peak

5 Jul 2024 , 10:34 AM

Gold prices remained unchanged near a two-week high on Thursday as softer-than-expected US economic data fueled expectations of interest rate reduction as early as September, and the market’s attention is now focused on Friday’s non-farm payrolls data.

Spot gold rose 0.1% to $2,358.19 per ounce, after reaching its highest level since June 21 on Wednesday. On Thursday, most US markets were closed in observance of the Independence Day holiday.

Bullion prices rose more than 1% in the previous session following a disappointing services data and an ADP jobs report on Wednesday, which showed a slowing US economy.

Lower rates lower the opportunity cost of owning non-yielding gold.

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