Weekly gold rally over 7 percent

Gold prices remained above $4,300 an ounce after a weekly gain of over 7%, supported by a slowdown in the US job market in July that eased concerns about interest rate hikes. Investor appetite for the precious metal increased, with hedge funds' bets on gold reaching their highest level in six months, while China continued its gold purchases for the twenty-first consecutive month. Despite recent gains, the price of gold remains roughly 20% lower compared to its levels before the war with Iran.

Size: 120%Text Size

Notice: This Is an AI-Generated Summary

Display The Full Article