Gold set for fourth weekly rise on US rate-cut bets
Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion.
FUNDAMENTALS
* Spot gold was down 0.4% at $2,434.38 per ounce, as of 0047 GMT, after scaling an all-time high of $2,483.60 on Wednesday. Prices were up 1% for the week.
* U.S. gold futures fell 0.8% to $2,435.70.
* Markets see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool.
** Zero-yield bullion's appeal tends to shine in a low-interest rate environment.
* Earlier this week, Fed Chair Jerome Powell said recent inflation readings «add somewhat to confidence» that the pace of price increases is returning to the central bank's target in a sustainable fashion, suggesting a turn to rate cuts may not be far off.
* While, Fed Bank of San Francisco President Mary Daly said she is looking for more confidence that inflation is moving back to the Fed's 2% target.
* Data on Thursday showed the number of Americans filing new applications for unemployment benefits increased more than expected last week, but that did not signal a material shift in the labour market amid temporary automobile plant closures and disruptions from Hurricane Beryl.
* Swiss June gold exports fell to the lowest levels since April 2022 owing to reduced shipments to China and India, customs data showed.
* Among wealthy investors under the age of 43, 45% own gold as a physical asset, and another 45% are
