[Fri, 02 Aug 2024 15:51:53 +0300]

SINGAPORE August 02. 2024 (Saba) - Gold prices increased Friday positioning for weekly gains amid speculations that the Federal Reserve (the US central bank) will reduce US interest rates in September.

Spot gold rose by 0.7 percent to $2,463.48 per ounce, marking a more than three percent increase for the week. Meanwhile, US gold futures climbed by 1.1 percent to $2,507.80.

Investors are eagerly awaiting the US jobs report due later today for further insights into the trajectory of US monetary policy concerning inflation.

Lower interest rates decrease the cost of holding gold, which serves as a hedge against geopolitical and economic risks.

Regarding other precious metals, silver in spot transactions increased by 1.3% to $28.92, platinum by 1.3% to $973.60, and palladium by 0.8% to $912.07.
H.H

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