Gold shines for second week in row on US interest rate cuts; silver reaches 11-year high

livemint.com:

Gold's future hinges on Fed rate cuts and dollar weakening, says Emkay report “Gold prices have reacted positively in recent days due to expectations of sooner interest rate cuts, following a drop in US inflation data after a long period of sideways to higher rates. This shift has led to speculation that the Federal Reserve might cut rates starting in September. Additionally, Iran's President's helicopter crash prompted a strong push in gold prices on Monday due to fears of renewed tensions between Iran and Israel.

However, prices have given up some gains today as no definitive cause for the crash has emerged," said -Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. Spot gold prices have risen by more than 2% this week. Simultaneously, the London gold price benchmark closed the week at an all-time high of $2402.60 per troy ounce, according to the London Bullion Market Association (LBMA).

“Gold is trading slightly lower on profit-booking, after hitting an all-time high in early trades. The underlying momentum remains positive amid rising bets for an early rate cut by the Federal Reserve after the incoming data has shown signs of slowdown in economic activity as well as cooling inflation. However, comments from some of the Fed officials suggest rates are likely to stay higher for longer.