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Gold rises in expectation of global incentive measures

The price of gold rises on Tuesday amid hopes for lower rates by leading central banks of the world.

The spot price of gold rose 0.7% to $ 1,601.15 by 15:35 UTC. Gold gained more than 1% on Monday.

“The Fed’s futures rate saw a shift from putting just one rate cut this year to three, and these changing expectations have weakened the dollar and create a gold-friendly environment,” said FXTM market analyst Han Tan.

Markets expect a reduction in the target range of the Fed’s rate by at least 25 basis points from the current level of 1.50-1.75% following the March meeting, which will be held on March 17-18.

The European Central Bank is also expected to cut its key rate by 10 basis points at a March 12 meeting.

Palladium rose in price by 0.2% to $ 2.528.7 an ounce, silver rose in price by 0.6% to $ 16.83 an ounce, platinum – by 0.5% to $ 864.9 an ounce.