Gold prices end at record high for 7th time in August

Gold bars

Gold prices extended their gains at settlement today, Aug. 26, continuing their uptrend after posting gains for four straight weeks, lifted by the growing prospect of the Federal Reserve cutting interest rates in September.

Bullion for December delivery turned up by 0.35%, or $8.90, to $2,555.20 an ounce, marking the seventh fresh record close during August.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, climbed by 0.15% to 100.88 points at 09:54 pm Makkah time, after plunging to 100.53 points earlier in the session.

“The time to adjust policy is upon us,” Federal Reserve Bank of San Francisco President Mary Daly said in an interview today with Bloomberg TV, ruling out any disruption to a September rate cut from the current range of 5.25% to 5.50%.

The yellow metal has drawn support from renewed geopolitical tensions in the Middle East and Europe, amid rising demand for safe-haven assets. This is besides expectations of a recovery in demand from the largest gold consumers - India and China - in the coming months.