Gold Prices Advance to Fresh Record High amid Fed Rate Cut Hopes

Gold prices are advancing to an all-time high on Friday as the dollar weakened amid prospects of a US interest rate cut next week. Spot gold rose to $2,558.19 per ounce, after hitting a record high of $2,567.93 earlier in the session. Bullion has gained 2.7% for the week so far. US gold futures rose 0.2% to $2,586.60. Gold prices rose more than 1% to hit a record high on Thursday, after US data signaled a slowing of the economy. The dollar fell to a one-week low, making gold less expensive for other currency holders. Spot silver edged 0.1% higher to $29.94 per ounce, and platinum gained 0.8% to $985.20, while palladium climbed 0.08% to $1,055.64. Source: Qatar News Agency