WASHINGTON (dpa-AFX) - Gold prices rose to record highs on Friday amid expectations of more interest rate cuts from the Federal Reserve in coming months. Escalating tensions in the Middle East also pushed up the demand for the safe-haven yellow metal.
The Fed reduced interest rates by 50 basis points on Wednesday. The central bank officials also forecast continued rate cuts over the coming months and into next year, generating optimism the central bank will be able to engineer a soft landing for the economy.
A stronger dollar is limiting the safe-have metal's upside. The dollar index is up 0.25 or about 0.23% at 100.86.
Gold futures for September ended higher by $31.90 or about 1.23% at $2,619.90 an ounce. Gold futures gained about 1.5% in the week, posting their second successive weakly gain.
Silver futures for September ended up $0.082 or 0.26% at $31.176 an ounce, while Copper futures for September dropped to $4.2810 per pound, down $0.0050 or 0.12% from the previous close.
According to reports, Israel has launched major strikes on Lebanon. Israel said warplanes struck hundreds of multiple-rocket-launcher barrel.
Meanwhile, Bulgarian authorities have stated that a Sofia-based company had nothing to do with the delivery of exploding communications devices to Lebanese miltant group Hezbollah, according to a report from Agence Frane-Presse.
Earlier in the week, scores of pager and walkie-talkies detonated across Lebanon, killing several people and injuring almost 3,000.
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