Gold holds above $2,500 amid rate cut optimism

Gold prices held steady on Tuesday, but remained above the psychological level of $2,500 per ounce, amid investor optimism about an imminent US interest rate cut and ongoing concerns over conflict in the Middle East.

Spot gold was steady at $2,515.51 per ounce.

US gold futures fell 0.2% to $2,551.

Prices have risen more than 21% this year to an all-time high of $2,531.60 on August 20.

In other precious metals, spot silver rose 0.6% to $30.07 per ounce, platinum fell 0.2% to $960.10, and palladium rose 0.8% to $965.91.