Gold set for third straight weekly gain as Fed rate cut bets firm

Quick Summary:

Gold prices fell on Friday but were headed for a third straight week of gains as cooler-than-expected U.S.inflation data boosted hopes of the Federal Reserve cutting interest rates in September.

Meanwhile, Chicago Fed Bank President Austan Goolsbee said the U.S.economy looks like it is back on track to 2% inflation.

"The PPI figures could be key in determining which side of the $2,400 level gold ends the week at," Waterer said.

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Category: EconomyBusiness

Markets: MalaysiaThailand

Topics: /Business/Business News Bullion Gold Commodities Federal Reserve Interest rates Inflation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 16:31:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 361 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21582825

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Official Website: thestar.com.my

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