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Gold Steadies Near Record High After Bets on Fed Rate Cuts Surge
Gold traded near Friday’s record high, bolstered by an unexpectedly weak US employment report that saw wagers increase on the Federal Reserve cutting interest rates. Bullion was less than $10 short of its latest peak near $3,600 an ounce in early Asian trading, after rallying as much as 1.5% late Friday. A pivotal US payrolls report showed a slowdown in hiring, while unemployment rose to the highest level since 2021. That saw swaps traders boost bets on interest rate cuts, and they are now pricing almost three reductions for the rest of this year. Lower borrowing costs tend to increase the appeal of non-yielding ... (full story)
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