Gold Prices Jump To Two-Week High Amid Weak U.S. Data

Benzinga

Gold jumped over 2% to a two-week high as weak U.S. economic data boosted expectations of a Federal Reserve rate cut next month. Safe-haven demand strengthened on geopolitical tensions, a softer dollar, and slowing U.S. growth indicators. Some analysts say gold could reach $5,000 within a year, though warn gains may not be immediate.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Gold prices surged 2% on Monday to a two-week high as weak U.S. economic data

00:08strengthened bets on a Federal Reserve rate cut next month, according to Reuters.

00:13Spot gold rose 2.1% to $4,082.17 per ounce, while U.S. gold futures for December delivery

00:21increased 2% to $4,090.50. Analysts cited safe haven demand amid trade and geopolitical tensions,

00:28a softer dollar, and concerns over slowing U.S. growth following disappointing job losses

00:34and declining consumer sentiment. Investors now see a 65% chance of a Fed rate cut in December.

00:40Saxo Bank said gold could reach $5,000 within 12 months,

00:44though it cautioned against expecting an immediate return to record highs.

00:47For all things money, visit Benzinga.com.

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