Gold Soars to Record Prices

Singapore: Gold prices rose to an all-time peak on Wednesday, driven by mounting hopes of a US interest rate cut in September after recent comments from US Federal Reserve officials. Spot gold was steady at $2,468.55 per ounce, after hitting a record peak of $2,482.29. US gold futures gained 0.3% to $2,474.50. Markets are expecting a rate cut of at least 25 basis points by the Fed at its September meeting. Among other precious metals, Spot silver fell 1.1% to $31.04 per ounce, platinum was flat at $999.91 and palladium added 0.8% to $967.06. Source: Qatar News Agency