Gold Lingers Near Record Highs

Gold prices were steady today, hovering close to record highs, on expectations of another big US rate cut this year. Spot gold was up 0.2% at $2,661.25 per ounce. Bullion hit a record high of $2,670.43 on Wednesday. US gold futures were steady at $2,684.50. A mild bounce from the US dollar has managed to keep the gold price in check, however with markets still anticipating more aggressive cuts from the Fed between now and year-end, Bullion has risen nearly 29% so far in 2024 and hit record highs several times this year (2024), largely fuelled by monetary policy easing by major global banks and geopolitical concerns. Source: Oman News Agency