Gold prices fall after hitting two-month high
Gold prices dropped 0.5% despite expectations of a US rate cut, as investors took profits.
Key Takeaways
AIGold prices fell by 0.5% in Friday trading to $4,330.37 per ounce, after reaching their highest level since June 5 in the previous session, as investors moved to take profits.
The decline in the precious metal came despite growing market expectations of a US interest rate cut in September, following stable producer prices in the United States during July and easing consumer inflation.
Other precious metals decline
Similarly, silver prices dropped 0.8% to $63.92 per ounce, while platinum slipped 1% to $1,700.60, and palladium edged down 0.3% to $1,303.25.