Gold prices rise on expectations of a US interest rate cut.

Arab Sea Newspaper - News Updates

Gold prices rose on Monday, supported by expectations that the US Federal Reserve (the central bank) will make another interest rate cut next December, along with weak economic data that raised concerns about global growth. Spot gold prices rose 0.7% to $4,027.88 per ounce, while US gold futures for December delivery rose by the same percentage to $4,036.60 per ounce. As for other precious metals, silver recorded an increase of 1.1% in spot transactions to reach $48.84 per ounce, while platinum rose 1.2% to $1,563.25, and palladium by a similar percentage to $1,396.75 per ounce.