Mumbai, 4 Jul (Commoditiescontrol): Gold prices climbed to approximately $2,360 per ounce on Thursday, nearing a four-week high following new U.S. economic data that strengthened expectations for interest rate cuts by the Federal Reserve. In June, U.S. services activity experienced its steepest contraction in four years, contrary to predictions, with the survey also indicating lower inflation. Additionally, continuing jobless claims increased for the ninth consecutive week, and private payroll growth in June was slower than anticipated.
During the Federal Open Market Committee (FOMC) meeting in June, officials acknowledged the slowing U.S. economy but advised caution before making any rate cut decisions, according to the latest minutes. The demand for gold as a safe-haven asset was further bolstered by rising tensions in the Middle East. Reports of Israel killing a senior Hezbollah commander led to retaliatory actions by Hezbollah near the border, escalating geopolitical concerns.
The weakening dollar, which makes dollar-priced bullion more affordable for holders of other currencies, also contributed to gold's rise.
In other precious metals, spot silver increased by 0.2% to $30.54 per ounce, and platinum rose 0.5% to $1,002.28 per ounce. In contrast, palladium fell 0.6% to $1,023.23 per ounce, after reaching its highest level since mid-April in the previous session.
(By Commoditiescontrol Bureau: 09820130172)
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