The price of gold rose on Friday to reach a new record high, hitting the $2,488 mark, as appetite for safe-haven assets strengthened after data showed a cooler-than-expected inflation print in the United States on Wednesday.
Moreover, the Federal Reserve is anticipated to cut its interest rates in September, supported by encouraging retail sales data in the country, as well as lower-than-anticipated producer inflation and weekly initial jobless claims figures. The increasing demand for the yellow metal as a safe-haven asset was further fueled by the possibility of Iran launching a retaliatory attack on Israel amid stalling negotiations in Doha.
Spot gold surged 1.31% to go for $2,488.24 per ounce at 9:05 am ET and silver was flat to sell for $28.37 per ounce. Platinum added 0.24% to $958.77 per ounce and palladium increased by 0.51% to go for $929.66 per ounce at the same time.
