Sana'a: Gold prices rose for the third consecutive session on Thursday, supported by a weaker dollar and lower U.S. Treasury yields, as traders' bets on a U.S. interest rate cut in September increase. Spot gold rose about 0.4 percent to $3,368.99 per ounce, while U.S. gold futures for December delivery rose 0.3 percent to $3,417.80.
According to Yemen News Agency, the consistent rise in gold prices is attributed to the weakening dollar, which tends to make gold more attractive to foreign investors. The anticipation of a potential U.S. interest rate cut has further fueled the momentum in the gold market, as lower rates reduce the opportunity cost of holding non-yielding bullion.
Traders are closely monitoring economic indicators and statements from the Federal Reserve that may influence interest rate decisions. The current trend suggests a strong belief among investors that a rate cut could happen as early as September, which could further bolster gold prices in the coming weeks.