Gold Hovers Near $2,400 as Rate Cut Expectations Grow Gold prices experienced a slight dip from one-month highs in Asian trading on Monday as investors await key indicators on U.S. interest rates, including Federal Reserve Chair Jerome Powell’s testimony and upcoming inflation data. Despite this minor retreat, gold remains near the $2,400 per ounce mark, buoyed by growing expectations of a Fed rate cut in September. The precious metal’s recent gains have been driven by weak labor market data, which has increased the likelihood of rate cuts. Traders are now pricing in a 72% chance of a 25 basis point cut in September, up from 59% last week. The market’s focus this week will be on Powell’s two-day testimony and additional economic cues that could further influence rate expectations and gold prices. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Electric Earthquakes: The Secret Behind Massive Gold Deposits READ MORE China's Economic Woes Deepen as Deflation Takes Hold READ MORE China's Decisive Rate Cut Move READ MORE The World Bank: Gold Investing Handbook for Asset Managers READ MORE World Gold Council: Gold ETF Flows: March 2024 READ MORE Add a Comment Cancel replyYour email address will not be published.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