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Home Gold Prices Gold Prices Steady as Market Volatility Boosts Safe Haven Demand (August 8)

Gold Prices Steady as Market Volatility Boosts Safe Haven Demand (August 8)

by anna

Gold prices stabilized during Asian trading on Thursday, recovering some recent losses as heightened volatility in risk-driven markets, particularly stocks, kept safe-haven assets like gold in demand.

Spot gold rose 0.5% to $2,394.15 an ounce, while December gold futures steadied at $2,433.10 an ounce by 01:25 ET (05:25 GMT). The yellow metal remained close to the significant $2,400 per ounce level, still less than $100 away from its record highs.

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Gold Steadies Amid Market Volatility

Recent sessions have seen wild swings in risk-driven markets. Wall Street settled lower despite a strong start on Wednesday, while Japanese markets fluctuated between gains and losses on Thursday. This volatility kept safe havens such as gold and the Japanese yen relatively well-bid, despite some weakness earlier in the week as broader markets briefly rebounded.

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The outlook for gold appears positive, bolstered by the expectation of deeper interest rate cuts by the Federal Reserve. Markets are betting that worsening economic conditions will prompt such measures, providing further support for gold.

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Other precious metals also saw gains on Thursday. Platinum futures rose 0.8% to $930.15 an ounce, while silver futures edged up 0.1% to $26.975 an ounce. However, both metals had experienced more significant losses than gold in recent sessions.

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