Business
Gold holds near two-week high as softer US jobs data boosts rate-cut hopes
Bullion remains supported by expectations of a more cautious Federal Reserve stance
Spot gold was little changed at US$4,174.66 per ounce as of 02:52 GMT, after earlier touching its highest level since 22 June. File picture used for illustrative purpose.
Dubai: Gold prices traded near a two-week high on Monday after a weaker-than-expected US jobs report reinforced expectations that the Federal Reserve may adopt a less aggressive approach to interest rates.
Spot gold was little changed at US$4,174.66 per ounce as of 02:52 GMT, after earlier touching its highest level since 22 June.
US gold futures for August delivery rose 1.5% to US$4,186.70 per ounce.
Other precious metals
- Spot silver fell 0.6% to US$62.03 per ounce, after reaching its highest level since 23 June earlier in the session.
- Platinum edged down 0.1% to US$1,636.60 per ounce.
- Palladium declined 0.2% to US$1,271.75 per ounce.
Gold typically benefits from expectations of lower interest rates, as declining borrowing costs reduce the opportunity cost of holding non-yielding assets such as bullion.