Gold Gains After Sharp Weekly Decline
Gold surged above $3,240 per ounce on Monday, rebounding from its sharpest weekly decline in half a year. This increase is attributed to heightened demand for safe-haven assets amid escalating worries concerning the US economic horizon and the burgeoning budget deficit. On Friday, Moody's Ratings downgraded the United States government's credit standing, removing its final triple-A status due to substantial fiscal shortfalls and escalating interest expenses. The previous week, gold plummeted by over 3%, reflecting its most significant weekly decline since November, as the US-China trade agreement buoyed risk appetite in the market. The two leading economies consented to a 90-day halt on a majority of the tariffs levied on each other's goods since the start of April, alleviating fears of a global economic downturn. Concurrently, diminishing inflationary figures and underwhelming economic data in the US have strengthened anticipation for additional interest rate cuts by the Federal Reserve later in the year.
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