Gold Prices Rise on Hopes of US Interest Rate Cut

Gold prices went up today amid expectations of a US rate cut in September and rising geopolitical tensions in the Middle East. Spot gold was up 0.5% at $2,397.65 per ounce. US gold futures climbed 0.7% to $2,396.70. The US central bank's Federal Open Market Committee meets on July 30-31 and is expected to keep rates unchanged at 5.25%-5.50%. However, softer US jobs data in June, cooling inflation and comments from top Fed officials have prompted the rate futures market to fully price in a 25 basis-point cut in September. As for other precious metals, spot silver gained 0.9% at $28.14 per ounce, platinum rose 0.9% to $943.40 and palladium was up 1.1% at $909.71. Source: Oman News Agency