Gold prices rose to an all-time high on Friday amid expectations of a U.S. interest rate cut, while palladium is on track for its best week in nine months.
Spot gold rose 1% to $2,583.3 an ounce by 14:05 GMT, its highest level ever.
US gold futures rose 0.7% to $2,598.10.
The dollar index fell 0.4%, making greenback-denominated gold less expensive for holders of other currencies.
According to the CME Group’s FedWatch tool, traders are now pricing in a 50 basis point rate cut at the Fed’s Sept. 18 meeting, up from a 28 percent chance, after the Wall Street Journal and Financial Times reported that a bigger cut was still on the table.
The European Central Bank cut interest rates again on Thursday.
Other minerals
- Spot silver rose 0.7% to $30.13 an ounce.
- Palladium fell 0.2% to $1,044.14, but is up 14% since the start of the week.
- Platinum rose 1.1% to $988.35.
