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Gold prices rose on a weaker dollar and expectations of a rate cut by the Federal Reserve. All eyes are on key U.S. inflation data due soon.
Investors were awaiting weekly U.S. jobless claims data, which has become increasingly important as the Federal Reserve focuses on the health of the labor market for information on expectations for rate cuts beyond September.
Atlanta Fed President Rafael Bostic said yesterday that now might be “time to act” on a rate cut, but he wants to see confirmation from employment and inflation data before the September monetary policy meeting.
The dollar remained sideways, just above last year’s lowest level, on expectations that the Federal Reserve will soon cut interest rates. A 25 basis point cut next month is almost certain, while the chance of a 50 basis point cut is 35%, according to futures trading.
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Gold was trading at $2,520 an ounce, up 0.6% from its previous close.
Yesterday, gram gold broke through the 2000 816 TL level, reaching a new all-time high and is currently trading at 2000 761 TL. Quart gold is trading at 4,000 416 TL, Republic gold is trading at 18,000 TL.
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