Singapore - Saba:
Gold prices continued to rise on Thursday, reaching a new record high, after the US Federal Reserve indicated the possibility of a half-percentage point interest rate cut by the end of the year, enhancing the attractiveness of the precious metal amid ongoing geopolitical and economic crises.
Spot gold settled at $3,046.68 per ounce, after earlier reaching an all-time high of $3,055.31. US gold futures also rose 0.5% to $3,056.30.
The US Federal Reserve left its key interest rate unchanged on Wednesday, within a range of 4.25% to 4.50%.
However, policymakers still expect two interest rate cuts this year, each by a quarter percentage point, in line with their previous forecasts issued in December.
Among other precious metals, spot silver rose 0.1% to $33.84 per ounce, platinum rose 0.4% to $996.80, and palladium rose 0.1% to $959.65.
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