Gold prices rose to a three-week high on interest rate cut optimism

Driven by U.S. data, gold prices pump to their highest level in three weeks in long, which supports the case for the Federal Reserve to begin easing monetary policy this year. Initial jobless claims released on Thursday rose to their highest level since August last year, further suggesting that the U.S. labor market is cooling. The Federal Reserve has said that it is crucial to bring inflation under control before implementing a rate cut. pump Gold is up nearly 15% year-to-date, with a record pump on the support of Central Bank buying and heightened geopolitical risks in the Middle East, reinforcing gold’s appeal as a safe-haven asset. In addition, increased demand from Chinese investors also supports gold prices. ANZ said in a report that strong demand from China means gold prices will continue to pump, with gold expected to climb around $2,500 an ounce by the end of the year.

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