COMMODITY
Gold futures settle higher on interest rate cut optimism
Jul-27-2024

Gold futures settled higher on Friday, amid optimism over an interest rate cut by the Federal Reserve in September after latest U.S. inflation data. The data from the Commerce Department's Bureau of Economic Analysis showed the personal consumption expenditures (PCE) price index up 0.1% in June after being unchanged in May. While, softness in US dollar also buoyed green back denominated precious metal buying.

Gold futures for August delivery climbed by $32.2 or 1.37% to settle at $2,385.7 per ounce on the Comex division of the New York Mercantile. Spot gold up by $22.63 or 0.96% to settle at $2,387.19 an ounce.


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