# Gold rises as soft US economic data spurs Fed rate cut bets

> Gold rose on June 3 as weaker-than-expected US economic data, including soft manufacturing data, pushed the dollar to a three-week low and Treasury yields to a two-week low. Traders priced about a 59% chance of a September Fed rate cut.

- Date: 2024-06-03 · published 2024-06-03T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/29638-gold-rises-as-soft-us-economic-data-spurs-fed-rate-cut-bets
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of Fed easing weaken the dollar and lower yields, which supports dollar-priced commodities and can aid feed ingredient prices.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-10-11 | [South African rand rises after U.S. data fuels Fed rate cut bets \| CNBC Africa](https://feedsoft.ai/events/28156-south-african-rand-rises-after-u-s-data-fuels-fed-rate-cut-bets-cnbc-africa.md) | +0.7% | +2.0% |
| DXY | 2024-08-01 | [Gold extends record rally on Fed rate-cut bets, softer dollar](https://feedsoft.ai/events/29144-gold-extends-record-rally-on-fed-rate-cut-bets-softer-dollar.md) | -0.1% | -1.4% |
| DXY | 2024-11-07 | [Gold holds firm after US Fed rate cut, softer dollar](https://feedsoft.ai/events/27332-gold-holds-firm-after-us-fed-rate-cut-softer-dollar.md) | +1.0% | +0.8% |
| DXY | 2025-03-20 | [Gold Hits Record High As Fed Signals Rate Cuts Amid Economic Tensions](https://feedsoft.ai/events/25478-gold-hits-record-high-as-fed-signals-rate-cuts-amid-economic-tensions.md) | +0.3% | -2.0% |
| DXY | 2024-08-05 | [Dollar down as US rate cut bets rise, yen surges](https://feedsoft.ai/events/7431-dollar-down-as-us-rate-cut-bets-rise-yen-surges.md) | -0.4% | -0.9% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/gold-little-changed-traders-seek-more-data-fed-rate-cues-2024-06-03/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.