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Gold hits record high as soft dollar, rate-cut bets lift appeal
Gold prices rose to an all-time high on Monday, supported by a weaker dollar and growing expectations that the Federal Reserve is likely to continue with interest rate cuts later this year. Spot gold was up 0.8% at $3,789.39 per ounce as of 0251 GMT, after hitting a record high of $3,798.32 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,818.30. The U.S. dollar index eased 0.2% against its rivals, making greenback-priced bullion less expensive for overseas buyers. The U.S. Commerce Department said on Friday its Personal Consumption Expenditures Price Index (PCE) rose 0.3% in August, ... (full story)
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