Gold up as bets on US rate cuts increase

Gold prices rose, with weaker-than-expected US economic data strengthening expectations that the US Federal Reserve will cut interest rates later this year, which pushed dollar and bond yields lower.

The spot price of gold rose 0.9% to $2,368.06 per ounce, after achieving gains of 2% last month. Prices hit an all-time high of $2,449.89 on May 20. US gold futures rose about 1% to $2,368.60 per ounce.

Gold futures also rose during the US session on Monday. According to the New York Mercantile Exchange’s COMEX classification, August gold futures were trading at 2,366.55 per ounce, up 0.88%.