Gold prices rose today amid expectations of a US interest rate cut in September and escalating geopolitical tensions in the Middle East.
Spot gold increased by 0.5% to $2,397.65 an ounce, while US gold futures rose by 0.7% to $2,396.70 an ounce.
The US Federal Open Market Committee meets tomorrow and is expected to keep interest rates unchanged at 5.25% to 5.50%. However, weaker US jobs data in June, slowing inflation, and comments from top Fed officials have led the futures market to fully price in a 25 basis point cut in September.
Among other precious metals, spot silver rose 0.9% to $28.14 an ounce, platinum increased by 0.9% to $943.49, and palladium rose 1.1% to $909.71 an ounce.
