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Gold Holds Near Record as Fed Rate-Cut Optimism Fuels Demand
Gold notched a fresh all-time high, as investor demand soared across the broader metals complex amid increasing optimism the US will cut rates this year. Bullion jumped as much as 1.1% to hit $2,440.59 an ounce in early Asian hours, surpassing a previous intraday record reached in April. Traders have boosted bets in recent sessions that the Federal Reserve could reduce borrowing costs as early as September. The US dollar fell and Treasuries rallied last week, after data released on Wednesday showed inflation in April eased more than expected. That offered support for the precious metal, which doesn’t pay interest ... (full story)