Gold Hits Record High in Spot Transactions

Gold prices rose to record highs today, amid signs in the market that more interest rate cuts are on the horizon, in addition to traders exploiting the momentum generated by the Federal Reserve's decision to cut US interest rates. Spot gold rose to $2,625.71 per ounce, while US gold futures fell 0.1% to $2,643.90. The US Fed began easing monetary policy with a half-percentage-point rate cut on Wednesday, forecasting a further half-point reduction by year-end, a full point next year (2025), and an additional half-point in 2026. Spot silver was down 0.2% to $31.06 per ounce, platinum fell 0.8% to $967.81 and palladium shed 1.3% to $1,053.67. Source: Oman News Agency