Gold prices advanced Thursday, on track to notch a third straight session gain, as demand for the metal rose on expectations for an interest-rate cut by the Federal Reserve this summer.
Against this backdrop, gold for August delivery on Comex rose $6.90, or 0.5%, to settle at $1,343.70 an ounce. Futures prices, which have now tallied their 11th gain out of 12 sessions, are up more than 2% month to date. The SPDR Gold Shares exchange-traded fund was trading up 0.5% Thursday.
In other metals trade, July silver which serves as both a haven asset and has industrial purpose, gained 13.9 cents, or 0.9%, to $14.892 an ounce. July copper added a quarter of a cent, or nearly 0.1%, to $2.657 a pound.