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AnalysisCommodities

Safe-haven gold set for monthly gain on Mideast concerns and Fed

TradingKeyJul 31, 2024 12:55 PM

- Gold prices rose on Wednesday following the assassination of a Hamas leader in Iran, poised for a monthly increase driven by optimism around potential U.S. interest rate cuts ahead of the Federal Reserve's policy decision.

- Spot gold was up 0.5% at $2,420.00 per ounce, with a monthly gain exceeding 4%, while U.S. gold futures rose 0.6% to $2,418.10 amid a 0.5% drop in the dollar index, making gold more attractive to non-dollar investors.

- Market experts attribute the gold price increase to a weakening U.S. dollar, anticipation of Fed rate cuts, and heightened geopolitical tensions, as investors await the Fed's meeting outcome and closely monitor Jerome Powell's statements for clues on potential rate adjustments.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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