Gold prices soared on Tuesday in Asian trading, approaching the highest levels. The growth was triggered by expectations of a reduction in interest rates by the Fed in September. Spot gold rose 0.2% to $2,427.77 per ounce, while gold futures with an expiration date in August rose 0.1% to $2,432.30 per ounce. Weak inflation data and dovish signals from the Fed are fueling investor confidence in an imminent rate cut. Traders have almost completely ruled out the possibility of keeping rates at the same level in September. However, the growth of gold is restrained by the strengthening of the dollar. The US currency is supported by speculation about the re-election of Donald Trump for a second term, fueling the dollar. Trump is known for his protectionist trade policies, which can lead to higher inflation and support the dollar. Other precious metals reacted ambiguously to expectations of a Fed rate cut. Platinum futures fell 0.3% and silver futures rose 0.2%. Copper prices have not changed as the prospects for the "red metal" are clouded by growing concerns about the Chinese economy.
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