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HIBAPRESS – Agencies
Gold prices recorded a new jump in spot transactions today, Monday, exceeding the $3800 per ounce level for the first time, supported by increased investor demand and a decline in the dollar, amid strong expectations that the US Federal Reserve will continue to lower interest rates during the current year.
Spot gold rose 1.1% to reach $3800.09 per ounce by 04:32 GMT, while US gold futures for December rose 0.6% to record $3830.
According to the "Fed Watch" tool of the CME Group, traders are betting 90% on a US interest rate cut next October, and about 65% on a further cut in December.
