Gold Prices Rise on US Federal Reserve Rate Cut Expectations

Gold prices edged higher on Tuesday after comments from Federal Reserve officials reinforced expectations of bigger US interest rate cuts later this year. Spot gold was up 0.1% to $2,408.77 per ounce, while US gold futures rose 0.2% to $2,449.50. Bullion fell to its lowest since July 26 in the previous session, caught in a global sell-off driven by fears of a US recession. Among other precious metals, spot silver fell 0.2% to $27.23 per ounce, platinum rose 1.2% to $917.30, and palladium rose 0.9% to $857.25, after hitting its lowest since August 2018 on Monday. Source: Qatar News Agency