Gold prices surged for a fifth consecutive day amid expectations of interest rate cuts by central banks. Spot gold rose 0.6% to $2,735.38 per ounce, earlier hitting an all-time high of $2,736.86. U.S. gold futures also increased by 0.7% to $2,750.00.
Gold has gained 32% this year, with strong support from central banks, as traders anticipate a 90% probability of the U.S. Federal Reserve cutting rates in November. Meanwhile, silver prices reached a near 12-year peak, rising 1.1% to $34.02 per ounce. Platinum also saw gains, climbing 0.3% to $1,016.45, while palladium fell 0.9% to $1,070.25.
Source: Oman News Agency