Gold Rises 1.4% Toward 2.3% Weekly Gain as Fed Hike Odds Fall to 53.5%
Updated
Updated · CNBC · Jul 3
Gold Rises 1.4% Toward 2.3% Weekly Gain as Fed Hike Odds Fall to 53.5%
3 articles · Updated · CNBC · Jul 3
Summary
$4,182.28 an ounce marked spot gold's Friday level after a 1.4% rise, leaving it on track for its first weekly gain in five weeks.
57,000 U.S. jobs added in June—well below the 115,000 forecast—cut market-implied odds of a September Fed rate hike to 53.5% from about 65%, easing pressure on bullion.
U.S. gold futures climbed 1.5%, while silver jumped 2.9% to $62.77 and platinum rose 2.8%, extending a broader rebound across precious metals.
The bounce follows gold's worst quarter in 13 years; it remains about 22% below its January record above $5,300 after inflation, a stronger dollar and hawkish central banks hurt demand.