Gold Retreats From Record High as Fed Pivot Bets May Be Overdone

From bnnbloomberg.ca

Gold retreated from its record high amid signs that traders’ aggressive pricing of Federal Reserve rate cuts may have gone too far. Bullion fell as much as 2.5% Monday in New York trading after leaping by more than 3% in Asia trading to hit a record $2,135.39 an ounce, surpassing the previous all-time high set in August 2020. Gold’s rally to a record had been turbocharged by Fed Chair Jerome Powell’s Friday comments that traders interpreted as setting the stage for a pivot toward rate cuts, spurring a plunge in US dollar and Treasury yields. Investors will be on the lookout for a slew of key jobs readings over ... (full story)