Gold futures rise on heightened expectations of a Federal Reserve interest rate cut. Futures are up 0.4% at $3,412.90 a troy ounce. Optimism for a rate cut in September is rising on benign consumer price index data and a weak nonfarm payroll print, Tradu.com's Nikos Tzabouras says in a note.
This is weighing on the U.S. dollar, which competes with gold's safe-haven characteristics, and makes bullion's non-interest bearing nature more appealing, Tzabouras writes.
Still, trade concerns have eased after the extension of the U.S.-China tariff truce and geopolitical tensions have cooled ahead of a summit between President Trump and Russia's Vladimir Putin. This limits gold's gains on safe-haven appeal, Tzabouras adds.
Source: Bloomberg
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