31 July 2024
Gold prices rose by about 1% on Tuesday, driven by investor optimism that the U.S. Federal Reserve may hint at future interest rate cuts during its policy meeting this week.
Spot gold increased to $2,403.47 per ounce, while U.S. gold futures settled at $2,451.9. Analysts suggest that potential rate cuts in the U.S. and Europe, along with economic uncertainties, are supporting gold prices. Lower interest rates reduce the opportunity cost of holding non-yielding bullion, making it more attractive to investors.
The market is also closely watching upcoming U.S. employment data for further cues.