Short term trading strategy for todayWorld gold prices increased more than 1% to the highest level in nearly two weeks in the trading session on Wednesday (July 3) due to increasing expectations that the US Federal Reserve (Fed) will cut interest rates. in September, after recent US data showed the labor market was weakening.
Closing the session, daily gold price increased 1.2% to 2,357.06 USD an ounce. US gold futures rose 1.5% to $2,369.40
Spot gold price increased 0.01% to 2,356 USD/ounce, according to Kitco, while gold price for August delivery decreased 0.16% to 2,365 USD.
Precious metals as well as base metals are rallying across the board as ADP data and unemployment claims add to the 'weakening economy' sentiment, which could potentially lead to a first interest rate cut in September".
