Gold Shines Bright Amid Monthly Gains

Gold prices surged on Friday, aiming for their third consecutive monthly gain as investors sought lucrative opportunities following the U.S. interest rate cuts.

By 0109 GMT, spot gold rose 0.3% to $4034 an ounce, with the precious metal gaining 4.5% within the month so far.

Conversely, U.S. gold futures for December delivery dropped 1.1% to $3955 an ounce.

The U.S. Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday for the second time this year, setting the overnight benchmark rate in the range of 3.75% to 4%.

As for other precious metals, silver held steady in spot trading at $48.92 an ounce, platinum inched up 0.2% to $1613.50, and palladium jumped 2.1% to $1474.51 an ounce.