Post: Gold Inches Up After Weak US Data

Gold prices drifted higher on Thursday after softer-than-expected US economic data fuelled hopes that the Federal Reserve could cut interest rates as soon as September. Spot gold was up 0.3% at $2,362.10 per ounce, after hitting a near two-week high in the previous session. US gold futures was little changed at $2,369.80. Spot silver rose 0.2% to $30.54 and platinum added 0.5% at $1,002.28. Palladium fell 0.6% to $1,023.23 after climbing to its highest level since mid-April in the previous session. US economic data on Wednesday, including a weak services and ADP employment reports, showed a slowing economy. A separate report showed an increase in initial applications for US unemployment benefits last week. Source: Qatar News Agency