Gold prices edged higher today after comments from Federal Reserve officials reinforced expectations of bigger US interest rate cuts later this year (2024).

Spot gold was up 0.1% to $2,408.77 per ounce, while US gold futures rose 0.2% to $2,449.50.

Bullion fell to its lowest since 26 July 2024 in the previous session, caught in a global sell-off driven by fears of a US recession.

Among other precious metals, spot silver fell 0.2% to $27.23 per ounce, platinum rose 1.2% to $917.30, and palladium rose 0.9% to $857.25, after hitting its lowest since August 2018 on Monday.

Source: Oman News Agency