27 June 2024
Gold prices increased by 0.7% to $2,314.22 per ounce on Thursday as the dollar weakened, with traders focusing on upcoming U.S. inflation data that could influence the Federal Reserve’s interest rate decisions. The dollar index fell by 0.2%, making gold more appealing to investors holding other currencies. Analysts note that gold has consistently found support when dipping below $2,300 since April. However, if expectations for Federal Reserve rate cuts by the end of 2024 diminish, gold prices may struggle to stay above this key level. Currently, traders estimate a 62% chance of a rate cut in September.