Gold heads for best weekly performance in four months

International

2-08-2024, 20:06

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Follow-up - INA

Gold prices are heading, today, Friday, to record their best week since last April, supported by demand for a safe haven in light of geopolitical tensions around the world.

Prices were supported by expectations that the US Federal Reserve will start cutting interest rates in September, and markets are waiting for today's US jobs report for more clues on when the rate cut will be made.

Spot gold rose 0.7% to $2,463.46 an ounce, and has gained 3.2% so far this week.

"Gold prices are supported by growing expectations of rate cuts, driven by recent weak US economic data. In addition, fears of a retaliatory strike by Iran and its proxies in the Middle East are boosting gold's appeal as a haven," said Zain Vawda, market analyst at brokerage OANDA.