Gold prices are advancing amid a slump in global equities and on the back of expectations that the US Federal Reserve (the Fed) will cut interest rates at least twice this year, beginning in July. The price of the precious metal rose to a more than 13-month high on Friday, June 7, after unexpectedly weak US jobs data raised hopes that it would provide the necessary trigger for the Fed to ease rates.
World Gold Council
Spot gold rallied to more than a 10-month high in January after oscillating in a broad $1,180-1,235 range for a major portion of the second half of 2018.
Since the beginning of the second quarter of this year, spot gold has been trading in a tight $100 range, with the price of the precious metal more or less confined in the $1,200-1,300 per troy ounce band—and investor demand for the yellow metal has been continuing to wane as the global stock-market rally continues unabated.