As markets prepare for a truncated trading week due to the Independence Day holiday in the United States, gold investors are keenly focused on several crucial economic events that could influence the precious metal's price trajectory in the near term.
These events follow today's release of the Institute for Supply Management's June PMI data, which revealed a decline to 45.5, marking the third consecutive month of contraction in U.S. manufacturing. This report suggests a potential cooling of inflation, aligning with last week's PCE report that indicated a continued diminishment of inflationary pressures and a trajectory closer to the Fed's 2% target.
This growing optimism for rate cuts by September has provided firm price support for gold, though significant price movements remain limited. Investors are eagerly anticipating Chairman Powell's speech and the FOMC meeting minutes for further insights into the Fed's monetary policy outlook. Subsequently, attention will shift to the jobs report later in the week, with market participants hoping to glean information about the timing and number of potential rate cuts this year.
In this climate of economic uncertainty and anticipation, gold investors remain vigilant, carefully analyzing each piece of data and commentary for clues about the future direction of interest rates and, consequently, the potential performance of the yellow metal in the coming months.
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