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Gold Climbs to Another Record After Fed Rate-Cut Optimism Soars
Gold reached another record on Tuesday, with its rally stoked by a surge in bets for a wave of Federal Reserve rate cuts this year. Bullion gained as much as 0.3% to a fresh all-time high of more than $3,647 an ounce, beating the previous peak on Monday. It climbed 2.5% in the previous two sessions after unexpectedly weak US payrolls data on Friday prompted traders to price in three rate cuts this year, including a quarter-point cut at the Fed’s meeting next week. Gold tends to benefit from lower borrowing cost as it doesn’t pay interest. Whether gold can continue to ride the rate-cut rally could hinge on a ... (full story)