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Gold futures finish higher on Fed rate cut bets

04 Jun 2024 Evaluate
Gold futures finished higher on Monday, kindled by the weakness in dollar and bond yield notes. Additionally, dip in US manufacturing activity for May and contraction in April construction spending braced bets over easing interest rates by Federal Reserve. Reduced interest rates buoyed investment appeal of the precious metal. Meanwhile, market closely eyed on Wednesday's ADP employment report and Friday's non-farm payrolls data to gauge the US economy's health and its impact on Fed’s policy trajectory.

Gold futures for August delivery up by $23.50 or 0.99% to settle at $2,369.30 per ounce on the Comex division of the New York Mercantile. While, spot gold declined by $2.91 or 0.12% to $2,347.84 an ounce.