Gold prices retreated from record levels today, recording weekly gains, as expectations of another major cut in US interest rates this year increased, while markets await an important report on inflation for additional indicators.
Spot gold was steady at $2,673.21 an ounce, below the previous session’s high of $2,685.42. US gold futures were at $2,695.80.
Meanwhile, silver fell slightly in spot transactions by about 0.3% to $31.93 an ounce after recording its highest level in about 12 years at $32.71 yesterday.
Silver prices rose because of the metal’s strong performance and the Chinese measures to stimulate the economy.
The US interest rate cut of half a percentage point, which was larger than usual, last week spurred a rally in gold, which continued its rise to successive record levels, gaining about 1.8% so far this week.
Among other precious metals, platinum lost 0.6% to $1,001.54 and palladium 1.1% to $1,035.75.
