Hopes of a U.S. interest rate cut have been rekindled, and gold prices have regained the 2360 mark, which is expected to record its best weekly performance in five weeks

(1) Gold prices strengthened on Friday and are on track for their best week since April 5 as the latest economic data boosted bets on a rate cut by the Federal Reserve. (2) As of 14:18, spot gold once pumped 0.68%, hitting a new high of $2361.94 / ounce in the past three weeks. Gold has pumped 2.5% so far this week. (3) Thursday's data showed that the number of new U.S. claims for unemployment benefits rose more than expected last week. (4) "Gold regained its magic this week due to some weak US macro data," said Tim Waterer, chief market analyst at KCM Trade. "Following last Friday's weak non-farm payrolls report, the jobless claims data also came in worse than expected, suggesting that the job market may be starting to loosen." (5) Traders expect the Fed to start its easing cycle in September. (6) US producer price index (PPI) and consumer price index (CPI) data will be released next week. Waterer said the inflation report had the potential to change the "expected long wick candle for the rate cut schedule" and if the data showed that inflation was moving lower, then gold could benefit. (7) San Francisco Fed President Daly said on Thursday that there is "considerable" uncertainty about the direction of U.S. inflation in the coming months. (8) Separately, a senior Israeli official said that the latest round of indirect negotiations in Cairo to cease hostilities in Gaza has ended and that Israel will continue to operate in Rafah