As Sentiment About Impending Rate Cuts Strengthens, Gold Rises to 3-Month Highs
At the start of this week, the price of gold reached a three-month peak driven by increased bets for an interest rate cut by the Fed come June. Spot gold hit $2,113.3 an ounce, representing a 1.4% increase. This is its highest price since the start of December 2023, when its price reached $2,135.40 an ounce. U.S. gold futures hit $2,126.30 per ounce, a 1.5% increase. This improvement in the precious metal’s price comes after its price recently surged about $50, driven by weak price pressures as well as construction and manufacturing spending. Disappointing economic data also facilitated the surge…
