Gold Recoups from 2-Week Low as Traders Eye US Inflation Data

Singapore, Gold prices drifted higher on Monday from a two-week low hit in the previous session as traders gauged fading hopes of US interest rate cuts ahead of a key inflation report due later this week. Spot gold was up 0.4% at $2,342.73 per ounce, having touched its lowest since May 9 at $2,325.19 on Friday. US gold futures also climbed 0.4% to $2,343.60. Bullion hit a record high of $2,449.89 earlier last week, but has shed more than $100 since then. Spot silver rose 1.6% to $30.83, platinum climbed 1.4% to $1,040.25 and palladium gained 1.4% to $976.72. Source: Qatar News Agency