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Gold rushes to record high above US$3,500 on US rate cut expectations
Gold sailed past US$3,500 per ounce to a record high on Tuesday (Sep 2), as a weaker dollar and mounting expectations of a United States Federal Reserve interest rate cut in September boosted the precious metal's appeal. Spot gold was up 0.3 per cent at US$3,487.55 per ounce as of 6.33am (2.33pm, Singapore time) after hitting a record high of US$3,508.50 earlier in the session. Bullion has gained 32 per cent so far this year. US gold futures for December delivery gained 1.2 per cent to US$3,557.80. "A corollary of the weaker economic backdrop and expectations of US rate cuts is boosting precious metals," ... (full story)
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