Gold hits 1-month high on rate cut hopes

Gold prices edged up on Thursday, reaching one-month highs. Softer US core inflation data increased expectations for additional rate cuts. A ceasefire agreement between Israel and Hamas limited further price increases.

Spot gold prices increased at 7:41 AM GMT by 0.07 per cent to $2,698.43 per ounce, compared to the previous closing price of $2,696.68.

Meanwhile, US gold futures rose 0.35 per cent to $2,727.29, compared to Wednesday’s closing of $2,717.8.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama