Gold prices rose in Asian trading on Thursday, coming close to record highs. Weaker-than-expected data on consumer inflation in the United States boosted hopes for a Fed rate cut, which had a positive impact on demand for a «safe haven.» Spot gold rose 0.2% to $2,459.51 per ounce, while gold futures rose 0.4% to $2,497.40 per ounce. This week, the precious metal approached an all-time high of $2,480, supported by both inflation concerns and geopolitical tensions in the Middle East. However, data on the US consumer price index on Wednesday initially caused a drop in gold prices, as rising inflation forced traders to expect a smaller Fed rate cut in September (by 25 basis points instead of 50). Nevertheless, the prospect of a lower interest rate is still favorable for gold, as it reduces the opportunity costs of investing. Gold's growth is also supported by a decline in the dollar and Treasury bond yields.
QUICK LINKS
Contactez-nous 
