Gold Steadies Near Record Ahead of Fed's Crucial Rate-Cut Pivot
Gold was steady after touching a record high on Friday, as markets waited for the Federal Reserve to begin easing monetary policy this week for the first time in more than four years.
Bullion was little changed to trade near $2,580 an ounce in early Asia hours ââ-š¬Ã¢â‚¬ following a 3.2% gain last week ââ-š¬Ã¢â‚¬ ahead of the Fed's Sept. 17-18 meeting that's widely expected to result in a rate cut of at least 25 basis points. Still, opinion is divided on the pace of the US central bank's future easing path, and some traders and economists are expecting a larger, half-point reduction half-point reduction. Lower borrowing costs are often seen as bullish for gold, which doesn't bear interest.
Investors were also monitoring the implications of a second failed assassination attempt on Donald Trump, after his Secret Service detail opened fire at a man with an assault rifle who was found at the the Republican nominee's golf course in West Palm Beach, Florida.
Gold has gained more than a quarter this year, supported by the Fed's signals it would pivot to monetary easing. Central-bank buying and strong haven demand due to conflicts in the Middle East and Ukraine have helped the advance. Interest from retail investors is also picking up.
Spot gold was up 0.1% to $2,579.85 at 6:55 a.m. in Singapore. The Bloomberg Dollar Spot Index dipped 0.1%, after declining 0.8% over the previous three sessions. Silver rose, while platinum and palladium eased.
Source : Bloomberg
