Gold prices rose today, to their highest levels ever, boosted by growing hopes for a possible interest rate cut in the United States in September, after recent statements by officials at the Federal Reserve (the US central bank).
Spot gold settled at $2,468.55 an ounce, after hitting a record high of $2,482.29. U.S. gold futures rose 0.3 percent to $2,474.50.
Markets currently expect the US Federal Reserve to cut interest rates by at least 25 basis points in September, and gold’s appeal increases when interest rates fall.
As for other precious metals, silver fell in spot transactions by 1.1 percent to $31.04 per ounce, platinum was stable at $999.91, and palladium rose by 0.8 percent to $967.06.
