LONDON August 30. 2024 (Saba) - Gold prices fell on Friday despite heading towards monthly gains for the second consecutive time, with increasing expectations that the Federal Reserve will cut interest rates next month, while traders await data related to inflation in the United States.
Reuters reported that gold fell in spot transactions by 0.3 percent to $2513.70 per ounce, and the yellow metal is close to achieving gains of about three percent this month, and US gold futures fell by 0.5 percent to $2547.10 per ounce.
According to the CME Group's FedWatch tool, traders expect a cut in US interest rates next month, with a 66 percent chance of a 25 basis point cut, and a 34 percent chance of a 50 basis point cut.
Among other precious metals, spot silver was steady at $29.44 an ounce, while palladium rose 0.1 percent to $981. Both metals are on track for monthly gains, while platinum rose 0.8 percent to $945.10, on track for its third straight monthly loss.
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