Muscat: Gold prices climbed to an all-time high today, extending gains to a sixth session on the back of a weaker dollar and rising bets of a US interest rate cut this month. Spot gold was up 0.5% at $3,492.26 per ounce, after hitting a record high of $3,508.50. US gold futures for December delivery gained 1.4% to $3,563.40.
According to Oman News Agency, the surge in gold prices is largely attributed to the market’s anticipation of a potential US interest rate cut, which has resulted in a weaker dollar. This economic environment has boosted the appeal of gold as a safe-haven asset, drawing in more investors.
Elsewhere in the precious metals market, spot silver experienced a decline, slipping 1.5% to $40.61 per ounce. This drop comes after silver reached its highest level since September 2011 in the previous session. Meanwhile, platinum saw an increase of 1.6% to $1,417.16, while palladium experienced a decline of 0.9%, settling at $1,126.63.