- Gold reverses gains after hitting daily high of $2,368, down more than 1.70%.
- Strong US S&P Global PMI data boosts the US Dollar, with the DXY rising 0.14% to 105.80.
- Mixed US economic data keeps Fed rate cut speculation alive.
Gold prices reversed course on Friday, moving down more than 1.70%. Economic data from the United States (US) spurred investors’ reaction to pricing out fewer interest rate cuts by the Federal Reserve (Fed) due to the solid state of the economy. The XAU/USD trades at $2,317, below its opening price after hitting a daily high of $2,368.
The US economy continued to give mixed signals regarding its robustness. S&P Global revealed June’s Purchasing Managers Index (PMI) readings, which exceeded estimates and topped May’s data. However, the US housing sector continued to deteriorate after Existing Home Sales for May missed the mark and fell compared to April’s data.
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