Gold prices lingered close to a two-month high on Monday, after softer US economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve.
Spot gold edged 0.1% lower to $2,081.34 per ounce, as of 0630 GMT, but hovered near $2088.19, a level seen on Friday when the contract hit its highest since Dec. 28. US gold futures fell 0.3% to $2,090.10.
“The key drivers for gold is what’s going to happen on the interest rate front – and we saw a move higher in gold on Friday because a series of macro releases out of the US moved the narrative towards the Fed possibly decreasing rates sooner than expected,” Marex analyst Edward Meir said.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
