Experts say that the direction of gold this week will depend on the data released last week when the market lacked important new data. The most anticipated report of the week is the purchasing managers index (PMI) in the service sector for July.
A majority of economists surveyed by Reuters expect the Fed to cut rates twice this year, starting in September. Traders are currently pricing in about a 63% chance of a September rate cut, according to the CME FedWatch Tool.
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