Fed Rate Cut Expectations Boost Gold Prices Amid Weak US Economic Data

Amidst soft US economic indicators, expectations for Fed rate cuts are strengthening, thus supporting gold prices. June’s ADP report indicates a slowdown in job growth, and unemployment claims have hit their highest level in 2.5 years. The ISM Services PMI for June has fallen to its lowest level since May 2020, underscoring economic slowdown concerns.

Source: CoinOtag