Gold hovers near record high on US rate-cut prospects

From brecorder.com

Gold held firm near an all-time high on Monday, inching closer to a key $3,600 level, bolstered by mounting expectations of a US Federal Reserve rate cut this month following a weaker-than-expected jobs report last week. Spot gold was little changed at $3,583.41 per ounce, as of 0454 GMT. Bullion rose to a record high of $3,599.89 on Friday.US gold futures for December delivery fell 0.8% to $3,624. “The main driver is US jobs data and the expectations now that the Fed could cut by 50 basis points in September. It’s a marginal chance but a material shift from before the jobs figures,“ Capital.com financial ... (full story)