Gold prices reached record highs on Friday, driven by expectations of forthcoming interest rate cuts and a weakening dollar. Spot gold rose to an all-time high, benefiting from a currency surroundings that makes the precious metal less expensive for international buyers.
The anticipation of potential monetary easing by the Federal Reserve, coupled with a dollar trading near its lowest point in over a month, has fueled investor demand for gold as a safe-haven asset. recent U.S. economic data, including a 0.2 percent monthly and 2.6 percent annual increase in the Personal Consumption Expenditure Index – figures aligning with forecasts – have further solidified these expectations. Investors are now focused on Friday’s non-agricultural jobs report for additional clues regarding the timing and extent of possible rate reductions.
Other precious metals experienced mixed performance. Silver dropped 1.5 percent to $40.61 an ounce, following its highest level as September 2011 in the previous session. Platinum increased 1.6 percent to $1417.16, while palladium decreased 0.9 percent to $1126.63.
