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Gold tops $2,600 on bets on more rate cuts
Gold rose above $2,600 an ounce for the first time on Friday, September 20, extending a rally supported by bets on further interest rate cuts in the United States and rising tensions in the Middle East.
Spot gold rose 0.7% to $2,605.50 an ounce by 1405 GMT, while US gold futures rose 0.6% to $2,630.30.
Gold prices rose after the US Federal Reserve began easing monetary policy by cutting interest rates by 0.5%.
Gold has risen 26% since the start of 2024 in its biggest annual rise since 2010, as investors seek to hedge against uncertainty caused by conflicts in the Middle East and elsewhere.
The unprecedented rally has eroded retail demand for the precious metal in China and India, the two largest consumers.
Analysts said the continued weakness of the dollar, which makes gold cheaper for holders of other currencies, provided additional support.
In other precious metals, palladium fell 1.7% to $1,062.25, platinum fell 1.1% to $974.76 and silver fell 0.5% to $30.93
