Gold is trading at its highest levels in almost three weeks and has gained 1.3%, approaching the USD 2380 per ounce level. It is just 2.3% short of its historic daily highs. The rise in gold prices is fueled by the release of weaker data from the US yesterday, which showed a further deterioration in the labour market. Unemployment claims rose above 230,000, another weaker reading after the publication of the NFP for April. In view of this, expectations for interest rate cuts are rising. Not long ago, the market was expecting 1.2 cuts, and at this point it is already pricing in almost a full 2 cuts by the end of this year. US 10-year bond yields have fallen below the 4.5% level.
Source: xStation5
Source: Bloomberg Finance LP, XTB
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