Gold prices remain near record highs

Gold prices rose in Asian early trade on Thursday, remaining close to record highs as rebound in the US dollar cooled ahead of key inflation data that could influence interest rate cut expectations.

Spot gold rose 0.4 per cent to $2,515.76 per ounce, while gold futures for December delivery also increased by 0.4 per cent, reaching $2,515.91 per ounce by 00:50 ET (04:50 GMT).

The metal’s resilience is bolstered by growing market confidence that the Federal Reserve might reduce interest rates in September, a scenario typically favorable for gold.

Investor sentiment was further rattled by disappointing earnings from Nvidia Corporation, which led to a broader sell-off in global equity markets and reinforced the appeal of gold as a safe haven.

Attribution: Investing.com

Subediting: M. S. Salama