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Gold Prices Edge Lower Over Reduced Expectations for Aggressive Rate Cuts by the Fed

GOLD prices experienced a slight weakness as expectations for aggressive rate cuts by the Fed declined. At the time of writing, Gold is trading at around $1,400.

On Thursday, NY Fed President John Williams had called for preemptive stimulus from the central bank in the face of weak inflation and low interest rates. This had affected the market sentiment and expectations climbed higher for the Fed to cut rates by 0.5% in July. Although, some time later, the NY Fed spokesman’s clarifications allayed some of these concerns.

Meanwhile, the precious metal’s prices continue to remain supported over news of a standoff between Britain and Iran following the seizure of a British oil tanker at the end of last week. This move appears to be in retaliation to Britain seizing an Iranian oil tanker which was purportedly transporting crude oil to Syria in violation of EU sanctions.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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