On Monday, gold prices remained relatively stable as investors anticipated additional economic data from the U.S. later in the week. Recent data indicated that inflation had stabilized, leading to hopes that the Federal Reserve may lower interest rates in the near future. However, weaker U.S. economic data reinforced expectations of an interest rate cut by the Federal Reserve and gold prices increased slightly. Spot gold rose by 0.9% to $2,348.06 per ounce, following a 2% increase last month. U.S. gold futures also saw a rise of about 1% to $2,368.60 per ounce after reaching an all-time high of $2,449.89 on May 20.
David Meger, director of alternative investments and trading at High Ridge Futures, stated that despite a slight pullback, there is a positive bias due to the expectation of interest rate cuts later this year. The U.S manufacturing activity slowed in May for the second consecutive month while construction spending unexpectedly declined in April for the second month in a row on non-residential activity
