Gold prices rise on Fed rate cut hopes

Gold prices increased on Monday as investors awaited a possible interest rate cut by the Federal Reserve this week, paying close attention to the central bank’s outlook on future rate cuts.

Spot gold prices rose at 7:16 GMT by 0.16 per cent to $2,652.66 per ounce, compared to the previous closing price of $2,648.39.

Meanwhile, US gold futures dropped 0.18 per cent to $2,671.09, compared to Friday’s closing of $2,675.8.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama