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🖥️GOLD PRICE DROPS AMID RATE CUT SPECULATION

🖥️GOLD PRICE DROPS AMID RATE CUT SPECULATION

Day: 09 | Time: 18:17:17.000Z The price of gold fell to less than $2,360 per ounce on Tuesday, after reaching a over one-month high of $2,390 on July 5, as markets continue to evaluate the timing and extent of expected interest rate cuts by the Federal Reserve in the coming quarters. Fed Chairman Powell has reiterated the need for further progress against inflation before beginning rate cuts, but has also noted the risks of overly restrictive monetary policy due to a slowing labor market. About 75% of the market expects the central bank to begin reducing rates in September before another cut by the end of the year. Meanwhile, the demand for gold as a safe haven has been reduced due to hopes for a ceasefire between Israel and Hamas.