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"Gold is having its best month in two years"

The rising gold price faltered in recent hours in the wake of a speech by US Federal Reserve chairman Jerome Powell, who indicated the bank was “grappling” with whether to reduce interest rates.
"Gold is having its best month in two years" "Gold is having its best month in two years" "Gold is having its best month in two years" "Gold is having its best month in two years" "Gold is having its best month in two years"

The gold price remains above US$1,400/oz

Staff reporter

The markets has been anticipating a rate cut next month.

Gold has softened from its six-year high reached on the spot market yesterday of more than US$1,436 an ounce but remained above US$1,406 an ounce at the time of writing.

World Gold Council investment research manager Adam Perlaky said on Friday the gold price had risen 4% last week, its "largest weekly move to the upside since April 2016".

"Gold is having its best month in two years, having rallied nearly 8% in June, while it is up 10% over the past month," he said.

Uncertainty over the global economic outlook plus geopolitical concerns, from US-China trade woes and growing tensions between the US and Iran, have helped fuel the gold price rise.

"Any attack by Iran on anything American will be met with great and overwhelming force," US president Donald Trump tweeted earlier.

"In some areas, overwhelming will mean obliteration."