Gold Holds Near Latest Record After Fed Rate-Cut Optimism Soars
Gold Holds Near Latest Record After Fed Rate-Cut Optimism Soars Yahoo Finance . (Bloomberg) -- Gold held near its latest record reached on Monday, with its rally stoked by a surge in bets for a wave of Federal Reserve rate cuts this year. Bullion was little changed in early Asian trading, trading at around $10 short of its latest peak of $3,646.46 an ounce. It climbed 2.5% in the previous two sessions after unexpectedly weak US payrolls data on Friday prompted traders to price in three rate cuts this year, including a quarter-point cut at the Fed’s meeting next week. Gold tends to benefit from lower borrowing cost as it doesn’t pay interest. Most Read from Bloomberg Whether gold can continue to ride the rate-cut rally could hinge on a benchmark revision of US jobs data due later Tuesday, along with the tone of US producer and consumer inflation figures on Wednesday and Thursday. Market reaction to the auctions of short- and long-term Treasuries will also be watched. Gold h...