Gold (XAU/USD) rises on Friday, continuing its run of positive days as investors become increasingly optimistic the Federal Reserve (Fed) will lower interest rates sooner than previously thought, and the US Dollar (USD) softens, adding a lift to Gold which is predominantly bought and sold in Dollars.
Gold extends its positive run as the probability of the Federal Reserve lowering interest rates increases. A run of weak data from the US indicates inflationary pressures are waning, and interest rates could fall. The US Dollar weakens, adding a backwind to Gold , as counterparts in Europe strengthen on diminishing political risk.
Set against this, however, is falling political risk in Europe, which, despite a notable swing to the far right, is likely to remain in the hands of moderate coalitions. High central bank demand, which accounts for roughly a quarter of the Gold market, might also be easing.
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