Gold price (XAU/USD) trades almost a percentage point higher in the $2,360s on Friday.
Gold rallies as investors turn to safety amid worsening geopolitical tensions. Weak US labor market data reignites speculation of early Fed rate cuts further driving Gold higher. Gold price enters a short-term uptrend with the bias favoring long-holders. Gold price trades almost a percentage point higher in the $2,360s on Friday. The precious metal rises as increasing geopolitical tensions over Gaza solidify its safe-haven appeal.
Major central banks mark a shift in stance Globally most central banks are either cutting interest rates or signaling a willingness, leading to an environment in which interest rates appear to be peaking and declining – a positive for Gold. On Wednesday, Sweden’s Riksbank cut interest rates for the first time since 2016, and the number of Bank of England officials voting to cut rates on Thursday increased. At its March meeting, the Swiss National Bank also opted to cut interest rates.
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