Gold Hovers Near Record High on Fed Rate Cut Boost

Gold prices hovered near record highs on Friday and were poised for a weekly gain, as markets adjusted to the US Federal Reserve's recent giant interest rate reduction and signs that further cuts were on the horizon. Spot gold rose 0.2% to $2,592.17 per ounce, up about 0.6% for the week so far. Bullion rose to a record high of $2,599.92 on Wednesday following Fed's decision on rate cuts. US gold futures edged up 0.1% to $2,617.30. Lower US interest rates and geopolitical uncertainty increase the appeal of holding bullion. Spot silver rose nearly 1% to $31.09 per ounce, and palladium gained 0.6% to $1,086.75. Platinum was steady at $988.30 and was down about 0.9% so far this week. Source: Qatar News Agency