NEW YORK: Spot gold prices in the global market stabilized near a 2-week high of $4,174.66 per ounce after the Federal Reserve reduced the likelihood of an interest rate hike after weak employment data in the US, while experts have predicted a further record increase in prices in the third and fourth quarters due to changing investment trends.
The unsatisfactory data received from the US labor market has shaken global financial markets. The pace of job creation in the US slowed significantly in the month of June, while the data for the last 2 months was also revised negatively.
This slowdown has strengthened the impression among investors that inflationary pressures are now decreasing, as a result of which expectations of further interest rate hikes by the US central bank (Federal Reserve) in the near future have died down. This situation has led to a sudden increase in demand for gold as a safe investment.
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