Gold rallies to record high on softer dollar, rate-cut expectations

Aug 16 (Reuters) – Gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion.

Spot gold was up 1.5% to $2,493.66 per ounce by 12:19 p.m. EDT (1619 GMT), after hitting a record high of $2,500.99 earlier. U.S. gold futures rose 1.6% to $2,532.10. Bullion has risen 2.6% this week.

Aug 16 (Reuters) – Gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion.

Spot gold was up 1.5% to $2,493.66 per ounce by 12:19 p.m. EDT (1619 GMT), after hitting a record high of $2,500.99 earlier. U.S. gold futures rose 1.6% to $2,532.10. Bullion has risen 2.6% this week.

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