The number of initial applications for unemployment benefits in the US increased last week, while the number of unemployed people continued to increase to the highest level in 2 and a half years at the end of June 2024, consistent with the labor market being gradually cool down.
Following US economic data, the dollar fell to a two-week low, making gold more attractive to holders of other currencies, while US 10-year bond yields downward.
The market is currently predicting a 68% probability that the Fed will cut interest rates in September. Lower interest rates will reduce the opportunity cost of holding non-yielding assets like gold.
Investors are currently waiting for the non-farm payroll report to be released on Friday (July 5) to know more about the US interest rate cut.
In other precious metals markets, spot silver prices increased 3.4% to $30.51, platinum prices increased 0.8% to $999.12 and palladium prices decreased 0.1% to $1,020.98. , according to Reuters.
Following US economic data, the dollar fell to a two-week low, making gold more attractive to holders of other currencies, while US 10-year bond yields downward.
The market is currently predicting a 68% probability that the Fed will cut interest rates in September. Lower interest rates will reduce the opportunity cost of holding non-yielding assets like gold.
Investors are currently waiting for the non-farm payroll report to be released on Friday (July 5) to know more about the US interest rate cut.
In other precious metals markets, spot silver prices increased 3.4% to $30.51, platinum prices increased 0.8% to $999.12 and palladium prices decreased 0.1% to $1,020.98. , according to Reuters.
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