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The Economic Times

Gold set for first weekly gain in five as Fed September hike odds drop to 54%

AI Market Summary
Softer U.S. labor data (57k nonfarm payrolls vs 110k expected) reduced market-implied September Fed hike odds (to ~54% from 66%), easing "higher-for-longer" rate pressure and supporting bullion. Spot gold rose to its highest since June 23 and is on pace for its first weekly gain in five weeks. Broader precious metals strength and reported central-bank buying reinforce near-term sector support.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.48%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
U.S. nonfarm payrolls rose by 57,000 in June, well below the 110,000 expected. Following the data, market pricing for a Federal Reserve rate hike in September fell to 54% from 66%. Spot gold gained 0.5% to $4,144.83 an ounce, the highest since June 23, and was on track for a 1.2% weekly rise—its first in five weeks. Silver, platinum and palladium also advanced, each headed for weekly gains.
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