Gold Near All-Time High

Gold prices stabilized near their highest levels today, Tuesday, as traders await the minutes from the last monetary policy meeting of the Federal Reserve and a speech from Fed Chairman Jerome Powell for further signals regarding interest rate cuts this year. As of 05:14 GMT, gold in the spot market stood at $2503.05 per ounce, slightly below the all-time high of $2509.65 reached on Friday. U.S. gold futures showed little change at $2540.90. Gold prices have risen about 20% so far this year, driven by optimism about the expected interest rate cuts in September, strong purchases from central banks, and increased demand for safe-haven assets due to tensions in the Middle East. Lower interest rates enhance the appeal of gold, which does not yield returns. The Federal Reserve is expected to cut interest rates by 25 basis points at each of the remaining three meetings in 2024. The dollar hovered near a seven-month low, further supporting gold priced in U.S. dollars. For other metals, silver in the spot market fell 0.4% to $29.36 per ounce, platinum rose 0.4% to $957.08, and palladium dipped 0.7% to $925.47.