On Friday, the price of gold (XAU/USD) gathers momentum despite a
slight recovery in the US Dollar (USD).
The precious metal climbs higher as
many analysts predict that a weakening labor market could prompt the Federal
Reserve (Fed) to expedite interest rate cuts, aiming to spur economic growth.
Additionally, renewed geopolitical tensions are expected to bolster gold's
market value.
Nevertheless, the prospect of a hawkish stance from the US Fed
regarding interest rates, coupled with a stronger US dollar (USD), may exert
downward pressure on gold prices.
Gold traders will closely monitor the release
of the US CPI data for May, which is expected to guide the trajectory of gold
prices.
Dr. Kamaran Qader Yaqub,
Financial consultant at Investment Spot company.
