Gold Holds Near Record $2,860 as Rate Cut Expectations Rise

Gold held near $2,860 per ounce, a record high, as expectations of lower interest rates increased its safe-haven appeal. Weak US services data signaled a potential slowdown, leading investors to anticipate two Fed rate cuts this year. The ECB and BoC have already cut rates, and the RBI and BoE are expected to follow. Gold also gained support from geopolitical risks, including Trump’s remarks on Gaza and Iran, as well as concerns over the US-China trade war’s economic impact.

Technically, the first resistance level will be 2879 level. In case of this level’s breach, the next levels to watch would be 2917 and 2950. On the downside, 2830 will be the first support level. 2790 and 2760 are the next levels to monitor if the first support level is breached.