New york: Gold prices extended their record run today, holding firm above the key $3,500 level, driven by growing investor confidence that the US Federal Reserve will cut interest rates in September. Spot gold was up 0.2% at $3,540.64 per ounce, and US gold futures for December delivery gained 0.4% to $3,607.60.
According to Oman News Agency, non-yielding gold typically performs well in a low-interest-rate environment. While gold maintained its upward momentum, other precious metals showed varied performances. Spot silver eased slightly, down 0.2% to $40.81 per ounce. In contrast, platinum experienced a rise, gaining 0.6% to reach $1,412.30. Meanwhile, palladium also saw an increase, rising 1% to $1,145.69.