Jin10 data reported on July 1st that gold slightly rose in early Asian trading, supported by expectations of interest rate cuts from The Federal Reserve (FED). Kudotrade analyst Konstantinos Chrysikos stated, "In the context of low yields and dovish expectations, gold may gain support. The market anticipates that the United States will implement three interest rate cuts in the second half of this year, which could provide support for non-yielding assets like gold." Chrysikos added that concerns over the independence of the Federal Reserve may also drive investors towards precious metals.
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Supported by expectations of interest rate cuts from The Federal Reserve (FED), gold rose slightly in the Asian early session.
Jin10 data reported on July 1st that gold slightly rose in early Asian trading, supported by expectations of interest rate cuts from The Federal Reserve (FED). Kudotrade analyst Konstantinos Chrysikos stated, "In the context of low yields and dovish expectations, gold may gain support. The market anticipates that the United States will implement three interest rate cuts in the second half of this year, which could provide support for non-yielding assets like gold." Chrysikos added that concerns over the independence of the Federal Reserve may also drive investors towards precious metals.