Prices of safe-haven gold edged higher on Thursday, supported by Middle East tensions and optimism surrounding U.S. rate cuts, while traders awaited economic data for clues on the Federal Reserve's policy trajectory. Gold prices rose more than 1% on Thursday, supported by firm safe-haven demand and growing expectations for a sizeable interest rate cut from the U.S. Federal Reserve in September. Spot gold rose 1.27% to settle at $2,463.3. Brokerages including J.P.Morgan, Citigroup and Wells Fargo have forecast a 50-basis-point interest rate cut by the Fed in September after last week's U.S. jobs data. Gold prices fell as much as 3% on Monday, caught in a global sell-off driven by fears of a U.S. recession.

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Persons: Alex Ebkarian, Bullion Organizations: Federal, U.S . Federal Reserve, J.P.Morgan, Citigroup, Fed Locations: Iran, Israel, Wells, U.S