Gold Rises on US Rate Cut Expectations

Gold prices firmed on Thursday after US inflation data all but guaranteed a Federal Reserve rate cut next week, while traders awaited more economic data from the US. Spot gold was up 0.4 percent at USD 2,521.29 per ounce, while US gold futures edged 0.3 percent higher to USD 2,548.90. Data on Wednesday showed that US consumer prices rose marginally in August, but underlying inflation showed some stickiness, which could result in the Fed delivering a smaller 25 basis point cut at its upcoming meeting. Among other precious metals, spot silver rose 0.4 percent to USD 28.81 per ounce, platinum gained 0.8 percent to USD 958.59, and palladium climbed 1.5 percent to USD 1,023.12. Source: Qatar News Agency