Gold Achieves New Weekly Gains Despite Decline

Gold prices declined but maintained the record high hit in the previous session, as expectations of a interest rate cut from the US Federal Reserve continued to gather momentum. Spot gold fell 0.8% to $2424.34 per ounce, but recorded a 0.7 percent increase so far this week. Meanwhile, US gold futures dropped by 1.2 percent to $2426.10. Analysts believe that gold is currently experiencing some profit-taking, but the medium-term outlook appears positive amid hopes for a US interest rate cut in September. As for other precious metals, silver fell by 1.8 percent to $29.54 per ounce in spot transactions, while platinum dropped by 0.5 percent to $962.65 and palladium lost 0.4 percent to $926.50, with all three metals heading towards weekly losses. Source: Qatar News Agency