Gold Prices Rise for Second Consecutive Week on Optimism Over Fed Rate Pause

Gold prices have risen for two consecutive weeks as market participants anticipate that the Federal Reserve will not raise its benchmark interest rate at the next FOMC meeting. The pause in rate hikes could be short-lived, with a 53% probability that the Fed will raise its benchmark rate by ¼% at the July FOMC meeting. The BEA will release the PCE price index report on Tuesday, which will contain the most current inflationary data for May 2023 and will be used by the Federal Reserve to make its final decision on its monetary policy.