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Gold Prices Rise in Asian Trading Session

In the Asian trading session on Thursday, gold prices edged closer to record highs as the recovery of the U.S. dollar cooled down before important inflation data is released, which may impact rate cut expectations. Spot gold increased by 0.4% to $2,515.76 per ounce, while December gold futures rose by 0.4% to $2,515.91 per ounce at 00:50 ET (04:50 GMT).

Dollar Recovery and Its Impact on Gold Prices

Gold remains near its record high of $2,532.05 per ounce set last week. Market sentiment that the Federal Reserve might cut interest rates in September supports gold prices. A weaker dollar also benefits the gold market, although the dollar has recovered from a 13-month low this week.

Safe-Haven Demand and Market Trends

Safe-haven demand has boosted gold prices, particularly following disappointing earnings reports from NVIDIA Corporation, which unsettled global stock markets. The ongoing tensions in the Middle East and instability from the suspension of oil production in Libya have also supported gold.

Meanwhile, platinum futures increased by 0.5% to $942.50 per ounce, and silver futures rose by 0.8% to $29.858 per ounce. Copper prices also saw a slight increase, with London Metal Exchange copper futures up 0.3% to $9,268.50 per tonne.

Outlook and Trading Strategy

Upcoming U.S. GDP and PCE price index data will significantly influence rate cut expectations. According to CME FedWatch, the market is divided between a 25 or 50 basis point cut in September. Lower interest rate prospects have supported the metals market, with gold showing stronger gains.

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