Gold prices soared to an all-time high on Friday, reaching $2,500.99 per ounce as the dollar weakened and expectations grew for a United States interest rate cut in September. Spot gold was up 1.7 per cent to $2,498.72 by 2:27 p.m. EDT (6:27 p.m West Africa Time), while U.S. gold futures reached $2,537.80. This week alone, gold has risen by 2.8 per cent.
Gold’s surge is due to a strong demand for the precious metal. The dollar index fell 0.4 per cent, marking its fourth consecutive week of losses, which made gold more attractive to international buyers. Analysts believe that geopolitical tensions, particularly in the Middle East, have also driven demand for gold.
A report from Reuters noted that market attention is now shifting to the upcoming speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole economic symposium. During the event, he is expected to provide insights on future rate cuts. Recent economic data, including a decline in inflation, suggested that the Federal Reserve may be on track for a 25-basis-point rate cut.
In related market movements, silver rose by 1.4 per cent to $28.81 per ounce, while platinum and palladium experienced slight declines.
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