WASHINGTON (dpa-AFX) - Gold futures settled marginally higher on Monday, extending gains to a third straight session, as the dollar fell to more than 7-month lows on bets the Federal Reserve will start lowering interest rates in September.
Concerns over escalating tensions in the Middle East pushed up the yellow metal's safe-haven appeal.
The dollar index dropped to 101.91, losing about 0.55%.
Gold futures for August ended up $3.20 or about 0.13% at $2,501.80 an ounce, a new record closing high.
Silver futures for August ended up by $0.462 or 1.61% at $29.240 an ounce, while Copper futures for August climbed to $4.1670 per pound, gaining $0.0395.
In an interview with the Financial Times published on Sunday, San Francisco Federal Reserve Bank President Mary Daly noted that it is time to consider adjusting borrowing costs.
Separately, Chicago Fed President Austan Goolsbee stated in a CBS interview that maintaining high rates for too long might create a problem on the employment side of the Fed's mandate.
Investors now look ahead to the release of minutes from the Fed's most recent meeting on Wednesday and Federal Reserve Chair Jerome Powell's speech at Jackson Hole, Wyoming, for more clarity on the possibility of easing in September.
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