Gold extends rise on Fed rate cut hopes, softer dollar
Spot gold rose 0.2% to $3,359.81 per ounce as of 0410 GMT. U.S. gold futures for December delivery added 0.3% to $3,408.50.
The dollar languished near multi-week lows against its rivals, making gold less expensive for holders of other currencies. Benchmark U.S. 10-year Treasury yields held near a one-week low.
U.S. consumer prices rose only marginally in July, strengthening expectations of a Fed rate cut next month, with Treasury Secretary Scott Bessent noting there is a good chance the central bank will opt for a 50 bps reduction.
Non-yielding gold thrives in a low interest-rate environment.
Elsewhere, spot silver gained 0.1% to $38.56 per ounce, platinum eased 0.2% to $1,337.12 and palladium rose 1.5% to $1,139.32. Reuters
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