12 August 2024
Gold prices rose on Monday as traders anticipated key U.S. inflation data and potential interest rate cuts by the Federal Reserve. Spot gold increased by 0.6% to $2,444.79 per ounce, while U.S. gold futures rose by 0.4% to $2,483.70. Investors are considering a 49% chance of a 50 basis point rate cut in September, with upcoming inflation data expected to influence this decision. Analysts suggest that lower-than-expected inflation could lead to record highs for gold prices. Geopolitical tensions and volatility in other markets continue to support gold’s appeal as a safe-haven asset.