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Gold futures finish higher on dovish Fed bets

06 Jul 2024 Evaluate
Gold futures finished higher on Friday, supported by the intensified bets over Federal Reserve interest rate cut year followed by unexpected waning in services activity and tapering of US employment numbers. US unemployment rate rose to 4.1% in June. Besides, weaker dollar and sliding bond yield notes bolstered the investment appeal of the bullion. The yellow metal for the most active contract marked 2.4% gain for the week.

Gold futures for August delivery rose by $28.30 or 1.19% to $ 2,369.40 per ounce on the Comex division of the New York Mercantile. While, spot gold up by $35.47 or 1.51% to $2,392.16 an ounce.