Gold price surged over 1% on Wednesday after softer-than-expected economic data from the United States increased bets that the Federal Reserve (Fed) could cut interest rates by September.
Gold climbs, spurred by weak US economic data and rising Fed rate cut expectations.
Minutes: readiness to hike rates if inflation persists, but current policy seen as restrictive. ISM shows contracting US services activity; labor market data reveals higher unemployment claims, decreased private hiring. Attention turns to Friday's Nonfarm Payrolls, with US markets closed Thursday for Independence Day.
meeting minutes showed that “several participants” were ready to lift rates if inflation remained elevated. At the time of writing, XAU/USD trades at $2,356 above its opening price. The Fed’s minutes showed that most participants estimated that the current policy is restrictive but had opened the door for rate increases. Policymakers acknowledged the economy is cooling and could react to unexpected economic weakness.
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