Gold Prices Rise as Weak US Economic Data Spurs Fed Rate-Hike Reassessment - News18
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Last Updated: July 05, 2023, 02:13 IST New 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. holiday Gold 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. Market participants will closely track upcoming U.S. job market data, watching if previous U.S. interest rate hikes will slow down the U.S. economy," UBS analyst Giovanni Staunovo s