USD fell to two-week low,
Updated
The number of initial applications for unemployment benefits in the US increased last week, while the number of unemployed people continued to increase to the highest level in 2 and a half years at the end of June 2024, consistent with the labor market being gradually cool down.
Following US economic data, the dollar fell to a two-week low, making gold more attractive to holders of other currencies, while US 10-year bond yields downward.
The market is currently predicting a 68% probability that the Fed will cut interest rates in September. Lower interest rates will reduce the opportunity cost of holding non-yielding assets like gold.
Investors are currently waiting for the non-farm payroll report to be released on Friday (July 5) to know more about the US interest rate cut.
In other precious metals markets, spot silver prices increased 3.4% to $30.51, platinum prices increased 0.8% to $999.12 and palladium prices decreased 0.1% to $1,020.98. , according to Reuters.
Following US economic data, the dollar fell to a two-week low, making gold more attractive to holders of other currencies, while US 10-year bond yields downward.
The market is currently predicting a 68% probability that the Fed will cut interest rates in September. Lower interest rates will reduce the opportunity cost of holding non-yielding assets like gold.
Investors are currently waiting for the non-farm payroll report to be released on Friday (July 5) to know more about the US interest rate cut.
In other precious metals markets, spot silver prices increased 3.4% to $30.51, platinum prices increased 0.8% to $999.12 and palladium prices decreased 0.1% to $1,020.98. , according to Reuters.
Note
SELL XAU 2356 TP1: 2350
TP2: 2345
SL: 2364
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