Gold price near two-year high

Gold prices continue to rise, trading close to 2 year high, while silver soared to July2014 highs.

On Monday, US financial markets are closed for the celebration of Independence Day, resulting in lower trading volumes. Tomorow conditions will return to normal.

Weekly, gold futures rose $ 16.70, or 1.27%, showing weekly gain for the fifth time in a row. In June, the precious metal has risen in price by almost 9%, becoming the largest monthly increase since February. So far this year, prices rose almost 25%, ending six months of record growth.

Gold is a good trading idea supported in recent sessions by the backdrop of fading Fed hikes expectations, while investors continue to assess the political and economic consequences of Brexit.

The precious metal rose a little more than two-year high of $ 1362.60 on 24 June after the shocking results of the UK referendum, leading to the withdrawal from the EU, forcing investors to turn to safe assets.

Market participants completely ruled out the possibility of further Fed raising interest rates this year In fact, some traders even expcet a small cut in the key Fed rate until the end of the year.

According to CME FedWatch, now there probability of a Fed rate hike is 0 in July and 3% chance of a rate cut.

The cost of the August gold futures on the COMEX rose to $ 1360.3 per ounce.