An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.
Gold prices firmed on Wednesday on mounting bets of U.S. interest rate cuts in September and rising geopolitical tensions in the Middle East, with markets awaiting U.S. economic data for clues on the Federal Reserve's interest rate path.
Spot gold rose 0.4% to $2,399.38 per ounce, as of 11:29 a.m.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low interest rate environment.
Meanwhile, China's central bank held back on buying gold for its reserves for a third straight month in July, official data showed on Wednesday.
Persons:
Everett Millman, Bart Melek, they're, Millman
Organizations:
Co, Gainesville, TD Securities
Locations:
Bangkok, Thailand, U.S, Israel, China's, China