Gold prices rose on Wednesday, as investors awaited US economic data that may affect the US Federal Reserve’s decision regarding the timetable for reducing interest rates.
Gold in spot transactions increased 0.3 percent, recording $2,416.62 per ounce by 0402 GMT. US gold futures rose 0.4 percent to $2,417.10.
The majority of economists in a Reuters survey expected the Federal Reserve to cut interest rates only twice this year, in September and December, as US consumer demand calls for a cautious approach despite declining inflation.
As for other precious metals, silver increased 0.2 percent, recording $29.28 per ounce, platinum stabilized at $945.73 per ounce, and palladium stabilized at $925.64 per ounce.
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