Gold futures up 0.56% to 2,560.65 usd/ounce (Il Sole 24 Ore Radiocor) - Milan, 26 Aug - Gold prices remained close to record highs, with futures for the month of December up 0.56% at 2,560.65 dollars and the spot price up 0.50% at 2,524.72 dollars an ounce on expectations that the US Federal Reserve will cut rates, which is expected to weaken the dollar.

Gold prices tend to rise on a softer dollar.

The price of gold is also benefiting from growing tension between Israel and Hezbollah in Lebanon.

Gold prices are also expected to benefit from lower import levies in India, where demand is expected to remain strong with the forthcoming festive season in October and November.

Alex Ebkarian, operating director and co-founder of the precious metals reseller Allegiance Gold, said that a change in monetary policy could push the price of gold into a range of 2,550-2,600 dollars an ounce.

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(RADIOCOR) 26-08-24 11:52:49 (0215) 5 NNNN