Gold Prices Up as Weaker Economic Readings Cast Doubts on Fed's Policy - News18
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Last Updated: July 04, 2023, 00:41 IST New York, United States of America (USA) Gold also garnered support from a pullback in the dollar after data showed U.S. manufacturing slumped further in June. (Representative image) Spot gold was up 0.1% at $1,920.49 per ounce by 1:54 p.m. EDT (1754 GMT), while U.S. gold futures settled little changed at $1,929.50 Gold prices edged up on Monday, as the U.S. dollar and Treasury yields retreated on weaker economic readings, casting doubts over whether the Federal Reserve may stick to its hawkish policy outlook. Spot gold was up 0.1% at $1,920.49 per ounce by 1:54 p.m. EDT (1754 GMT), while U.S. gold futures settled little changed at $1,929.50. Bullion lost 2.5% in the April to June quarter. “Gold has probably found a home around 1900," said Edward Moya, senior market analyst at OANDA. “There’s some positioning happening here … the market last week seemed to be slowly pricing in more Fed rate hikes, but data going forward might sugg