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Gold - Holding above $1,400
Gold hovers above $1,400 We've seen some profit taking in gold over the last couple of days, following hints from various Fed officials that market expectations for rate cuts are a little over the top. These warnings haven't exactly fallen on deaf ears, with three cuts still more than 60% priced in this year, but expectations of a 50 basis point cut next month have slipped, for good reason. Traders are still absolutely convinced that a cut is happening though. The comments have brought some relief in the dollar, which came under heavy pressure after last Wednesday, which has in turn taken the edge off the gold rally. ... (full story)