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.