Gold Prices Poised for Eighth Consecutive Weekly Increase

Today, gold prices climbed, marking their eighth consecutive weekly gain. This rise is driven by a demand for safe-haven assets, alongside expectations that the U.S. Federal Reserve might cut interest rates.

In spot transactions, gold increased by 0.1 percent, reaching $3977.87 per ounce, as of 0120 GMT. Since the beginning of the week, the precious metal has risen by 2.3 percent.

U.S. gold futures for December delivery also increased by 0.5 percent, reaching $3992.40.

As for other precious metals, silver rose by 1.2 percent in spot transactions to $49.70 per ounce, following a record high of $51.22 yesterday. Platinum saw a 0.4 percent increase, reaching $1625.30.

Palladium also witnessed a rise, growing by one percent to reach $1426.