Gold prices hit an all-time high, supported by growing expectations that the U.S. Federal Reserve will cut interest rates this month following last week’s weaker-than-expected jobs report.
Spot gold rose by 0.97 percent to USD 3,612.97 per ounce, while U.S. gold futures for December delivery slipped 0.03 percent to USD 3,652.3.
The main driver of this increase was U.S. labor market data and current expectations that the Federal Reserve could cut interest rates by 50 basis points in September, marking a significant shift compared with the period before the jobs data release.
Source (Al Arabiya.Net Website, Edited)
