Rising Gold Prices Driven by Expectations of U.S. Rate Cuts
Gold prices rose on Thursday, buoyed by expectations of interest rate cuts from the Federal Reserve following the release of U.S. inflation data.
Spot gold increased by 0.3% to $3,364.10 per ounce, while U.S. futures climbed by 1.2% to $3,384.40.
The gains extended to other precious metals, with silver up 0.3% at $36.32 per ounce and platinum rising by 0.8% to $1,265.32, nearing its highest levels in over four years, while palladium saw a 1% decline to $1,069.65.
This increase came after U.S. data revealed a 0.1% rise in the Consumer Price Index in May, a figure lower than the anticipated 0.2%, bolstering investor hopes for a potential interest rate cut in the near future.
