Yesterday, gold prices reached their highest historical level, driven by increasing hopes for a potential interest rate cut in the United States in September, following remarks from Federal Reserve officials.
According to Reuters, spot gold settled at $2,468.55 per ounce, after reaching a record high of $2,482.29 per ounce. This is the highest price level gold has ever experienced, indicating strong investor demand for this precious metal amid economic and financial uncertainty.
Additionally, U.S. gold futures rose by 0.3% to $2,474.50.
Markets are currently expecting the Federal Reserve to cut interest rates by at least 25 basis points in September, and with lower interest rates, the attractiveness of gold increases.
In the realm of other precious metals, silver fell by 1.1% in spot trading to $31.04 per ounce. Platinum remained steady at $999.91, and palladium increased by 0.8% to $967.06.
Source: Gold Prices Hit Historic High Following Anticipated US Interest Rate Cut (omannews.gov.om)
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