International gold prices reached an all-time high on the 16th (local time). Analysts attribute this largely to expectations of a U.S. interest rate cut and escalating tensions in the Middle East.
According to foreign media, the spot gold price rose 1.7% from the previous close to $2,498.72 per ounce at 2:27 p.m. Eastern Time. During the session, the spot price surpassed $2,500 for the first time, reaching $2,500.99 per ounce.
Gold futures prices increased 1.8% to $2,537.80. Gold prices have surged 2.8% this week.
The increased possibility of a September interest rate cut by the U.S. Federal Reserve (Fed) and concerns over the escalation of the conflict between Israel and the Palestinian armed group Hamas in the Middle East have boosted safe-haven investment sentiment, analysts say.
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