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

TradingKeyJul 31, 2024 12:55 PM

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- 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.

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