From CNBC: 2024-07-16 10:51:45

Gold prices surged as expectations of a September interest rate cut increased demand for bullion. Spot gold hit $2,438.83 per ounce, with futures reaching $2,443.80. Interest in gold grew due to softer inflation data and dovish Fed comments, with three rate cuts expected this year. Central banks buying gold at highest levels since 1960s.

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