Gold rises 2.2% for best week since May as Fed hike odds drop below 20%
AI Market Summary
Gold is heading for its best week since May as softer US jobs data and cheaper energy reduce expectations for further Fed tightening, lowering real-rate headwinds for non-yielding metals. Markets have cut the implied probability of a near-term hike to below 20%. Added support comes from renewed political pressure on Fed independence, which can raise policy-risk premia. Silver, platinum and palladium are also firm.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.24%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Spot gold is up 2.2% for the week, climbing toward $4,200 an ounce for its best weekly performance since May. Weak U.S. jobs data pushed expectations for a Federal Reserve rate hike at the next meeting down from about one-third to less than 20%. Oil prices posted their biggest quarterly decline since 2020 as Persian Gulf shipping flows recovered and Saudi Arabia and the UAE lifted exports. Silver, platinum and palladium also gained.
