Gold Prices Surge, Reaching Historic Levels

Gold prices rose on Monday, hovering near their all-time high. The increase is supported by the weakening dollar and growing expectations that the Federal Reserve may continue to cut interest rates later this year.

Spot gold increased by approximately 0.5 percent, touching $3776.72 per ounce. Last week, it hit a record high at $3790.82 per ounce. Meanwhile, U.S. gold futures for December delivery remained steady at $3806.20 per ounce.

The U.S. dollar index dropped by 0.2 percent against competing currencies. This decline makes gold, priced in dollars, more affordable for buyers holding other currencies.

Other metals also saw a rise. Silver in spot transactions climbed 0.6 percent, reaching $46.26 per ounce. Platinum increased by 2.2 percent to $1602.45 per ounce, while palladium rose by 0.8 percent to $1279.68 per ounce.