Gold prices rose yesterday on strong expectations of a Federal Reserve (Fed) interest rate cut in September, with investors focused on US inflation data for further insight into the size of the reduction. Spot gold gained 0.8 percent to $2,521 per ounce, near the record high of $2,531.60, which buyers remain hopeful can be breached, FXStreet noted. The market seems to be pricing in a rate cut no matter what, and now it’s just a matter of seeing the size of the Fed cut.
said Everett Millman of Gainesville Coins. In other precious metals, spot silver rose 1.2 percent to $29.47 an ounce, platinum rose 1.6 percent to $944.65 and palladium rose 3.3 percent to $977.
