Gold Prices Rise as Weak US Economic Data Spurs Fed Rate-Hike Reassessment
Last Updated: July 05, 2023, 02:13 ISTNew York, United States of America (USA)
Previous flare-ups also benefited the U.S. dollar, reducing demand for gold.
Spot gold rose 0.4% to $1,928.09 per ounce by 09:31 a.m. EDT (1331 GMT), with trading volumes likely thinned by a U.S. holidayGold prices edged higher on Tuesday as some traders bet that recent weak U.S. economic data may prompt the Federal Reserve to rethink its rate-hike trajectory, while also awaiting further cues from the minutes of the central bank’s last meeting.Spot gold rose 0.4% to $1,928.09 per ounce by 09:31 a.m. EDT (1331 GMT), with trading volumes likely thinned by a U.S. holiday.U.S. gold futures gained 0.3% to $1,935.90.“Weaker-than-expected U.S. economic data released on Monday, including PMIs, have supported gold. Mar...