Gold Gains 0.7% with Market Eyes on Key U.S. Inflation Report Gold prices increased by 0.7% to $2,314.22 per ounce on Thursday as the dollar weakened, with traders focusing on upcoming U.S. inflation data that could influence the Federal Reserve’s interest rate decisions. The dollar index fell by 0.2%, making gold more appealing to investors holding other currencies. Analysts note that gold has consistently found support when dipping below $2,300 since April. However, if expectations for Federal Reserve rate cuts by the end of 2024 diminish, gold prices may struggle to stay above this key level. Currently, traders estimate a 62% chance of a rate cut in September. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts 2024 U.S. Election: A Turning Point for Gold and Other Key Commodities READ MORE The Case For Silver Could Not Be Clearer READ MORE African Nations Turn to Precious Metal to Combat Inflation READ MORE Silver Eyes Breakout: Technical Perspective READ MORE Jamie Dimon Believes U.S. Debt Is the ‘Most Predictable Crisis’ in History READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment