Gold rose for three consecutive weeks as the market speculated that the Fed might cut interest rates three times this year

According to Jinshi Data, Marc Chandler, managing director of Bannockburn Global Forex, said that the trend of gold is still upward. Gold rose for the third consecutive week, thanks to lower US interest rates and a weaker dollar.

Gold surged to nearly $2,425 after the weak CPI data was released, as market speculation intensified that the Federal Reserve may cut interest rates more than twice this year, with the probability of three cuts around 40%.

He also noted that while the People's Bank of China may not have bought gold last month, other central banks in Asia and Europe were reported to be buying gold. A UBS survey of 40 central banks found that the biggest concerns were geopolitical tensions and the weaponization of reserves.