Gold prices rise over 0.44% during Friday's North American session as weaker than expected jobs market data increased the chances that the Federal Reserve (Fed) will cut interest rates next week. At the time of writing, XAU/USD trades at $3,649 after hitting a daily low of $3,630.
Bullion rises on weak Consumer Sentiment, Jobless Claims boost Fed easing bets
The week ended with a softer than expected University of Michigan (UoM) Consumer Sentiment for September, while 5-Year inflation expectations surged. Friday's data along with Tuesday's -911K payroll revision, and an increase in people filing for unemployment benefits in the US, outweighed inflation data released during the week.
The data has cemented the case for the first rate cut to come next week at the Federal Open Market Committee (FOMC) meeting on September 17. Three weeks ago, Fed Chair Jerome Powell's Jackson Hole speech opened the door for interest rate adjustments while acknowledging that the labor market was cooling faster than expected.
Next week, the Fed is likely to cut rates by 25 basis points and clarify future policy through the latest Summary of Economic Projections (SEP).
Geopolitical tensions are supporting higher Gold prices. US President Donald Trump said that he is running out of patience with Russian President Vladimir Putin and threatened to impose "very hard" sanctions on the country.
Source: Fxstreet
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