Doha: Gold prices scaled a record peak on Tuesday, supported by a weaker dollar ahead of the Federal Reserve’s policy meeting this week, where the central bank is widely expected to cut borrowing rates. Spot gold rose 0.1% to $3,680.17 per ounce, after hitting a record high of $3,689.27 earlier in the session. US gold futures for December delivery were flat at $3,718.80.
According to Qatar News Agency, elsewhere in the precious metals market, spot silver held steady at $42.71 per ounce, platinum eased 0.1% to $1,399.40, and palladium gained 0.4% to $1,188.59. The movements in these metals reflect the broader market’s anticipation of the Federal Reserve’s upcoming decision, which has significant implications for global economic conditions and currency valuations.