<\/p>\n\n\n\n
Gold prices experienced a minor decline in Asian trade on Friday, as reduced recession concerns tempered the demand for safe-haven assets. Despite this, expectations of interest rate cuts kept gold prices close to record highs.<\/p>\n\n\n\n
Spot gold fell by 0.1% to $2,453.02 an ounce, while gold futures for December delivery also dipped 0.1% to $2,490.15 an ounce by 01:08 ET (05:08 GMT). Despite the slight drop, gold was on track for a modest weekly gain of 0.9%, with spot prices trading approximately $30 below their all-time high.<\/p>\n\n\n\n
Earlier in the week, soft inflation data strengthened the belief that the Federal Reserve may reduce interest rates in September. However, a slight monthly increase in consumer inflation led traders to lean towards a smaller rate cut of 25 basis points, rather than 50 basis points.<\/p>\n\n\n\n
Stronger-than-expected U.S. retail sales data also bolstered confidence in the economy, reducing expectations for a more significant rate cut. Nevertheless, the prospect of lower interest rates remains positive for gold, as it reduces the opportunity cost of holding non-yielding assets like gold.<\/p>\n\n\n\n
Additionally, ongoing geopolitical tensions in the Middle East, particularly concerns about potential conflict between Iran and Israel, continued to support some demand for gold as a safe haven. Analysts at Alpine Macro suggested buying gold amid the possibility of escalating tensions in the region, particularly with Iran potentially retaliating against Israel for the assassination of a Hamas leader in Tehran.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices experienced a minor decline in Asian trade on Friday, as reduced recession concerns tempered the demand for safe-haven assets. Despite this, expectations of interest rate cuts kept gold prices close to record highs. Spot gold fell by 0.1% to $2,453.02 an ounce, while gold futures for December delivery also dipped 0.1% to $2,490.15 …<\/p>\n","protected":false},"author":9,"featured_media":104608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7987,8431,8618,6984],"class_list":["post-104775","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-cpi-data","tag-iran","tag-middle-east","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/104775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=104775"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/104775\/revisions"}],"predecessor-version":[{"id":104776,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/104775\/revisions\/104776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/104608"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=104775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=104775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=104775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}