Gold to record increase for third quarter in row

New York: Gold prices stabilised on Friday, in spot transactions, but the yellow metal is heading to record an increase for the third quarter in a row...

New York: Gold prices stabilised on Friday, in spot transactions, but the yellow metal is heading to record an increase for the third quarter in a row, after the release of personal consumption expenditures price index data in the United States , which was largely in line with expectations.

US data raised hopes for lowering interest rates by next September.

Gold settled in spot transactions at USD 2,328.85 per ounce by 13:35 GMT, and US gold futures rose by 0.1 percent to USD 2,339.60. Overall prices rose by more than four percent during the current quarter.

Gold prices received support from the decline in US Treasury bond yields, which made the precious metal more attractive to investors. Today, betting increased that the Federal Reserve (the US central bank) will reduce interest rates next September and December, after a government report showed that inflation did not rise during the past April and May.

As for other precious metals, silver rose in instant transactions by 1.1 percent to USD 29.38, and platinum rose by 2.5 percent to USD 1,012.03. The two metals are heading for quarterly gains.