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Wall Street Journal

Gold Futures Rally on U.S. Dollar Weakness, Rate Cut Hopes

1530 GMT – Gold futures rise on a softer U.S. dollar and positive recent U.S. economic data. Futures are up 1.6% at $3,413.30 a troy ounce, its highest level since mid-June. The precious metal had retreated in the prior week on temporary dollar strength, but positive U.S. core inflation prints have kept market sentiment towards the precious metal cautiously bullish, Russell Shor says in a note. Positive inflation data increases market optimism for interest rate cuts, a boon for non-interest bearing bullion. Gold's outlook for the second half of the year looks set to be driven by the Fed's pace of rate cuts and any escalations in trade or geopolitical tensions, Shor writes. If inflation proves sticky and cuts stay elusive, gold could stall, but renewed volatility or a dovish Fed pivot could see gold soar, he adds. ( 1221 GMT – Gold futures rise on U.S. dollar weakness and exchange traded fund interest. Futures are up 0.75% at $3,383.40 a troy ounce. The precious metal has gained on a slide in the U.S. dollar, making gold's competing safe-haven characteristics more attractive and cheaper for international buyers to purchase. The dollar appears to be slipping on the prospect of U.S. interest rate cuts and lower tariffs, SP Angel analysts say in a note. Renewed expectations for higher inflation are also a driver for non-inflationary bullion's gains, despite their potential to delay interest rate cuts, SP Angel says. Gold speculative positions from funds have risen in recent weeks, and investors are seeing the benefits of putting savings in gold ETFs amid macroeconomic and geopolitical uncertainty, analysts add. (