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Gold received high demand in the market, buoyed by imminent rate cut from central banks around the world. The yellow bullion notched in positive gains this week as Federal Reserve, Bank of Canada and European Central Bank is expected to loosen their monetary policy in the coming months.
According to analysts, gold price is expected to set record high this year due to ongoing conflict in Middle East while coupled with lower interest rates. Likewise, traders flock into gold market over fears of US government debt which may worsen due to diminished economic momentum in the recent months.
(CME FedWatch Tool, Chicago Mercantile Exchange)
In the meantime, investors are waiting for the release of Nonfarm Payrolls report due later tonight, which is expected to bring further clarification on the timing of rate cuts. Although the central bank is expected to keep interest rates unchanged next week, market is expecting a 69.8% chance for a rate cut by September.
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