Gold prices rose on Monday amid expectations of a cut in U.S. interest rates in September and escalating geopolitical tension in the Middle East.
Spot gold rose 0.5 percent to $2,397.65 an ounce. U.S. gold futures rose 0.7 percent to$2,396.70.
The US central bank's Federal Open Market Committee meets on July 30-31 and is expected to keep interest rates unchanged at 5.25% to 5.50%. Nevertheless, weaker US jobs data in June, slowing inflation, and comments from senior US central bank officials have prompted the futures market to fully price in a 25 basis point cut in September.
Source (Al Arabiya.net Website, Edited)
