iPhone | iPad
Android
Huawei
Event brings together senior officials and key business leaders
KT APPDOWNLOAD
Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism
Bullion on track to snap a five-session losing streak
Gold prices rose more than 1% on Thursday, supported by firm safe-haven demand and growing expectations for a sizeable interest rate cut from the U.S. Federal Reserve in September.
Spot gold rose 1.6% to $2,418.75 per ounce by 1559 GMT, on track to snap a five-session losing streak. U.S. gold futures were up about 1% at $2,457.90.
"What gold is benefiting from is just providing more stability and more investors are seeing that ... it's just migration from risk assets to more of a safe-haven asset," said Alex Ebkarian, chief operating officer at Allegiance Gold.
"Gold's outlook remains stronger, but we are experiencing more and more volatility, and depending on the impact of rate cuts, if the Fed comes out and does 1/2 percent rate cut, then we anticipate a lot more rallying in the metals market."
On the geopolitical front, the killing of senior members of militant groups Hamas and Hezbollah last week raised the possibility of retaliatory strikes by Iran on Israel.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
Brokerages including J.P.Morgan, Citigroup and Wells Fargo have forecast a 50-basis-point interest rate cut by the Fed in September after last week's U.S. jobs data.
Market see a 72% chance of 50 basis points cut in September, up from 70% on Monday, according to the CME FedWatch Tool, with an additional cut anticipated in December.
U.S. data showed there were 233,000 initial jobless claims last week, below the 240,000 expected by economists and down from 250,000 the week before, easing worries of a slowdown in the world's largest economy.
Gold prices fell as much as 3% on Monday, caught in a global sell-off driven by fears of a U.S. recession.
Elsewhere, spot silver rose over 3% to $27.41 per ounce, platinum was up 1.5% at $933.35 and palladium gained 3.6% to $914.50.
More news from Business
Other areas of cooperation include exchange of knowledge and experiences in public auditing
Debonair by Andrea Blk is preparing to relaunch with a new collection
The excess producing countries also reaffirmed their commitment to compensate for the full volume of excess production by September 2025
Founded 55 years ago, the fashion brand now has over 450 stores across 17 markets
Move boosting downstream manufacturing status and operation 300bn
Move will strengthen the UAE’s position as a leading international financial centre
Move underscores India's growing role in the global supply chain