tag

Gold prices rose on Wednesday, as bargain hunters stepped in after bullion dropped to a near one-week low in the previous session, while focus was also on the US private payroll data for cues on future interest rate cuts.Spot gold rose 0.8% to $3,961.85 per ounce. Bullion fell more than 1.5% on Tuesday, hitting its lowest since Oct. 30.US gold futures for December delivery rose 0.2% to $3,970.10 per ounce.Bullion hit a record high of US$4,381.21 on Oct. 20, but has fallen close to 10 percent since then.Elsewhere, spot silver rose 1.2 percent to US$47.68 per ounce, platinum gained 0.1 percent to US$1,537.10, and palladium climbed 0.2 percent to US$1,394.75.

Gold prices declined on Monday, weighed down by a stronger US dollar as investors scaled back expectations for further Federal Reserve interest rate cuts following hawkish remarks by Chair Jerome Powell last week. Easing US-China trade tensions also pressured bullion.Spot gold fell 0.8% to $3,968.76 per ounce, while US gold futures for December delivery slipped 0.5% to $3,978.30 per ounce. The US dollar held firm near its three-month high reached last week, making the greenback-priced metal more expensive for holders of other currencies.The US Federal Reserve cut interest rates on Wednesday by 0.25 percentage point, marking its second rate cut this year, bringing the benchmark overnight rate to a target range of 3.75%-4.00%. Among other precious metals, spot silver dropped 0.5% to $48.41 per ounce, platinum eased 0.1% to $1,566.40, and palladium declined 0.6% to $1,424.88.

Gold prices surged to a new record high above $4,100 on Tuesday, driven by growing expectations of US Federal Reserve interest rate cuts and renewed US-China trade tensions that spurred safe-haven demand. Silver also rallied to an all-time high. Spot gold rose 0.4% to $4,124.79 per ounce, after touching a record $4,131.52 earlier in the session. US gold futures for December delivery gained 0.3% to $4,143.10. The precious metal has climbed nearly 57% since the beginning of the year, breaking above the $4,100 mark for the first time on Monday. The rally has been underpinned by geopolitical and economic uncertainty, expectations of monetary easing, robust central bank purchases, and strong inflows into gold-backed exchange-traded funds. Spot silver advanced 0.3% to $52.49 per ounce, after earlier hitting $52.70. Among other precious metals, platinum rose 0.5% to $1,653.45 per ounce, while palladium added 1.6% to $1,498.25, its highest level since May 2023.

European stocks edged lower on Friday as investors awaited key eurozone indicators and a US inflation report for signals on the timing of potential US interest rate cuts.The pan-european stock index slipped 0.2% to 552.41 points, putting it on track for its first weekly loss in a month.Markets broadly expect the US Federal Reserve to begin cutting rates in September, with traders closely monitoring upcoming economic data for confirmation of that outlook.