Gold breaks 3-week peak as December rate cut hopes rise
Gold prices rose on Thursday to the highest level in more than 3 weeks, with hopes of an interest rate cut by the Bank rising Federal Reserve next December.
Gold rose in spot transactions 0.7% to 4229.19 Other precious metals The price of silver in spot transactions rose by 0.6% to $53.70 per ounce, platinum fell by 0.1% to $1,613.17, and palladium fell by 0.5% to $1,466.05.
Gold has risen by 61% so far this year, after achieving a historic level of $4,381.21 in Last October 20, driven by economic and geopolitical concerns, rising ETF flows, and expectations of lower interest rates in America.
Gold usually benefits from low interest rates, as an opinion poll conducted by it showed "Reuters" 80% of economists expect the Fed to cut interest rates by a quarter of a percentage point (25 basis points) next month.
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