Gold prices rise, US economic data in focus

Gold rose today, Wednesday, as investors awaited US economic data that may affect the US Federal Reserve’s decision regarding the timetable for reducing interest rates.

Gold increased in instant transactions by 0.3%, recording $2,416.62 per ounce by 04:02 GMT. US gold futures rose 0.4% to $2,417.10.

The majority of economists in a Reuters survey expected the Federal Reserve to cut interest rates only twice this year, in September and December, as US consumer demand calls for a cautious approach despite declining inflation.

As for other precious metals, silver increased 0.2%, recording $29.28 per ounce, platinum stabilized at $945.73 per ounce, and palladium stabilized at $925.64 per ounce.