July 20th, according to foreign media reports, spot gold prices climbed to a nine-week high on Thursday, due to a weaker dollar and market bets that the Federal Reserve may soon pause its interest rate hike cycle.
The head of carbon and commodity strategy at National Australia Bank said that we are bullish on gold from now on, because we are likely to reach the end of the Fed‘s interest rate hike at the next FOMC interest rate decision (July 27). Markets are also eyeing a possible rate cut, he added.
Investors will be watching tonight for U.S. initial jobless claims for the week ended July 15, which are expected to rise to 242,000 from a seasonally adjusted 237,000. Gold prices are expected to strengthen if initial jobless claims remain flat or rise.
