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PRECIOUS METALS - Gold holds below record high as investors await clarity on Fed cuts
Istanbul, August 21 (Hibya) - Gold prices were trading below record-high levels on Wednesday after a rally fueled by Western fund inflows and U.S. rate-cut optimism. Investors braced for the minutes of the Federal Reserve’s latest meeting to clarify the depth of cuts.
Tarih: 21 Ağustos 2024 08:53:53
Spot gold was up 0.1 percent at $2,517.38 per ounce after hitting an all-time high of $2,531.60 on Tuesday. U.S. gold futures rose 0.2 percent to $2,555.20.
Gold has gained about $460 or 22 percent this year, with geopolitical tensions and uncertainty created by the upcoming U.S. Presidential elections and prospective rate cuts set to help power the precious metal to even loftier levels.
The dollar slipped to its lowest this year versus the euro, while benchmark 10-year Treasury yields also sank, making non-yielding bullion more attractive for holders of other currencies.
Spot silver edged 0.4 percent higher to $29.52 per ounce, platinum gained 0.5 percent to $953.35 and palladium added 0.4 percent at $929.27.
