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🖥️GOLD PRICE RISE AMID RATE CUT EXPECTATIONS

🖥️GOLD PRICE RISE AMID RATE CUT EXPECTATIONS

Day: 11 | Time: 05:25:15 The price of gold rose to nearly $2,375 per ounce on Thursday, marking its third consecutive session of gains, as investors await data on the US Consumer Price Index for indications on the timing and extent of interest rate cuts by the Federal Reserve. Annual inflation for the Consumer Price Index is expected to decrease from 3.3% to 3.1% in June, while the core Consumer Price Index is expected to remain unchanged at 3.4%. Meanwhile, Fed Chairman Powell emphasized on Wednesday that the Fed will lower rates as needed, following his remarks on Tuesday stressing the need for further data to increase confidence in inflation prospects. Markets currently predict a 73% likelihood of a Fed interest rate cut in September, with another cut expected in December. Meanwhile, global gold ETFs saw their second consecutive month of inflows in June, driven by increased listings in Europe and Asia, according to the World Gold Council.