Weak American Economic Data Causes Gold to Rise as Rate Cut Expectations Increase

June 10, 2024 at 11:05 AM EDT

Earlier this month, the price of gold rose as weaker than expected data on the U.S. economy strengthened expectations that the Fed would reduce rates of interest later this year, which sent bond yields and the dollar even lower.

The price of spot gold rose by 0.9% to reach $2,347.10 an ounce. This is after it posted a 2% increase in May, with prices reaching a new high of…

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