Gold hits all time-high, driven by rate-cut hopes

Gold bars

Gold prices rose to hit a record high on Friday, helped by expectations of an interest- rate cut by the Federal Reserve next week.

Gold futures for December delivery increased 0.62%, or $16.1, to $2,596.70 per ounce at 08:48 am Makkah time.

Gold spot prices edged up 0.39%, or $10.07, to $2,567.97 per ounce.

Silver futures for December delivery also went up 0.97% to $30.40, and Platinum spot prices added 0.61% to $988.54.

Traders are currently pricing in a 45% chance of the Fed cutting rates by 50 bps, CME FedWatch tool showed.