SINGAPORE - (Saba): Gold prices stabilized near record high levels in Singapore on Thursday, amid expectations of another significant cut in U.S. interest rates this year.
Gold rose by 0.2% in spot transactions to $2,661.25 per ounce, reaching an all-time high of $2,670.43 on Wednesday.
American gold futures settled at $2,684.50. Gold has risen by about 29% so far in 2024, reaching record high levels several times this year, largely due to major central banks easing monetary policy and geopolitical concerns.
Other precious metals stabilized in spot transactions at $31.85 per ounce, platinum rose by 0.8% to $995.90, and palladium increased by 1.2% to $1,048.75.
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