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Gold reaches one-week high on Middle East tensions, bets of Fed rate cut
Gold prices scaled a one-week peak on Thursday, steered by simmering Middle East tensions and cooler U.S. economic data that fueled fresh bets on Federal Reserve rate cuts. Spot gold gained 0.9 per cent at US$3,383.79 an ounce by 0930 ET, its highest level since June 5.
Gold surge on Middle East conflict and Fed uncertainty
Tensions in the Middle East are driving Gold's rise. Iran and Israel are exchanging attacks. Rising conflict prompts traders to seek gold as a haven. Fed policy also plays a key role. Traders expect a rate cut if US inflation drops and growth weakens.
Gold price surges to one-month high on Middle East tensions
Gold prices rallied to a one-month peak on Thursday as simmering Middle East tensions, coupled with increased momentum for a Federal Reserve rate cut, drove the metal higher. Spot gold advanced 1.0% to $3,388.20 an ounce as of 10:40 a.m. ET, closing in on the $3,400 mark for the first time since early May.
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2don MSN
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The escalating conflict between Israel and Iran poses numerous economic challenges for Britain. The most pressing issue is ...
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