Economy

Gold Prices Climb Further, Supported by Dollar Decline and Anticipation of More U.S. Rate Cuts

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Gold continued its rise on Wednesday, boosted by a weaker dollar and expectations of further U.S. interest rate cuts.

Spot gold increased by 0.2%, reaching $2,661.53 per ounce. The yellow metal had earlier hit a record high of $2,670.43.

U.S. gold futures also climbed by 0.3%, trading at $2,686.10 per ounce.

The dollar dropped by 0.2%, making dollar-denominated bullion more affordable for holders of other currencies.

As for other precious metals, silver fell by 0.5% to $31.97 per ounce, platinum rose by 0.1% to $986.85, and palladium declined by 0.6% to $1,050.04 per ounce.

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