New york: Gold prices rose Tuesday, climbing to fresh record levels as investors remained confident of a US Federal Reserve interest rate cut later this week, according to media reports.
According to Emirates News Agency, spot gold edged 0.5% higher to $3,689.67 per ounce, after hitting a record peak of $3,702.95 earlier in the session. This rally was underpinned by widespread market belief that the Fed will deliver a 25-basis-point rate cut at the end of its 16th-17th September meeting, its first since December 2024.