WASHINGTON (dpa-AFX) - Gold futures settled higher on Tuesday, rising for the fourth consecutive session, amid continued bets about an interest rate cut by the Federal Reserve next month.
A weak dollar supported the yellow metal. The dollar index dropped to 101.47, losing more than 0.4%, as investors awaited the minutes from the Federal Reserve's most recent policy meeting, and Fed Chair Jerome Powell's speech at the Jackson Hole Economic Symposium later in the week.
According to CME Group's FedWatch Tool, there is a 73.5% of a quarter point rate cut next month and a 26.5% chance of a half point rate cut.
Gold futures for August ended up $9.50 or about 0.38% at $2,511.30 an ounce.
Silver futures for August ended higher by $0.215 or 0.74% at $29.455 an ounce, closing up for a fourth straight session.
Copper futures for August dropped to $4.1390 per pound, losing $0.0275.
Minneapolis Fed President Neel Kashkari said in an interview to the Wall Street Journal that he would be open to lowering interest rates in September because of the rising possibility of a weakening labor market.
Sweden's central bank, the Riksbank, lowered its policy rate for the second time this year today, and indicated that more cuts could be forthcoming if the inflation outlook remains the same.
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