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Gold futures settle higher on interest rate cut hopes

29 Jun 2024 Evaluate

Gold futures settled higher on Friday, amid hopes that the Federal Reserve would cut interest rates by September and in December after the release of key U.S inflation data. The report showed, Core PCE rose 0.1% in May and 2.6% annually. Moreover, dip in the U.S treasury yields along with geopolitical uncertainty in the Middle East, Ukraine also bolstered gold prices.

Gold futures for August delivery up by $0.30 or 0.01% to settle at $2,336.90 per ounce on the Comex division of the New York Mercantile. However, spot gold declined by $0.98 points or 0.04% to $2,326.75 an ounce.