Monday’s Asian trading saw a rise in gold prices, regaining some of the ground lost during July’s downturn. This was due to attention being drawn to the Federal Reserve’s upcoming meeting when it is anticipated that the central bank would issue additional hints regarding interest rate cuts.
Gold futures expiring in December saw a 0.5% increase to $2,440.35 an ounce, while spot gold increased 0.4% to $2,395.31. The primary driver of gains in the yellow metal was heightened anticipation about interest rate reductions, which came after positive signals from the PCE price index data, the Fed’s preferred inflation indicator, last week.
CME Fedwatch reports that nearly all traders are pricing in a 25 basis point decrease in September. Silver prices increased by 0.8% to $28.242 an ounce, while platinum futures increased by 0.8% to $953.35 an ounce.
Following brutal losses, copper rises as further China cues are anticipated. After suffering severe losses over the previous month, copper prices increased among industrial metals on Monday. One-month copper futures increased 0.4% to $4.1303 per pound on the London Metal Exchange, while benchmark copper futures increased 0.2% to $9,130.50 a tonne.
