Gold regains its gains and silver jumps to a historic level with confirmation of interest cuts
Gold prices recovered their losses today, Wednesday, as investors cling to expectations of a reduction in US interest rates this month, while silver jumped to a record high.
The price of gold in spot transactions rose by 0.4% to reach $4,222.22 per ounce by 05:06 GMT, after falling by more than 1% in the previous session.
US gold futures (December delivery) rose by 0.8% to reach $4,252.90 per ounce.
The price of Silver0.4% to $58.73 an ounce after rising to a new record high of $58.94 earlier in the session.
In other precious metals, platinum rose 0.3% to $1,638.34, while palladium settled at $1,462.27.
Recent US data showed a slight slowdown, which strengthened expectations of a cut in interest rates from Bank side The Federal Reserveat its meeting scheduled for December 9 and 10, and major brokerage firms also expected an easing of monetary policy.
US interest rate futures currently indicate 89% odds of an interest rate cut next week, up from 85% one week ago.
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