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Gold scales fresh record high as markets brace for further rate cuts
Gold surged to set a fresh record high on Monday, buoyed by investors' heightened expectations of a dovish rate-cut path, ahead of remarks by multiple Federal Reserve officials and key inflation data later in the week. Spot gold rose 1.1% to $3,723.81 per ounce, as of 0950 GMT, after hitting a new record high of $3,726.19 earlier in the session. U.S. gold futures for December delivery climbed 1.4% to $3,758.40. "I would expect gold to reach new record highs this week with Fed officials likely to indicate further rate cuts, but also being data dependent on the pace and magnitude of cuts," said UBS analyst Giovanni ... (full story)
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