Gold Holds Steady as Fed Decision Looms
Gold prices hold steady near record highs, supported by a softer U.S. dollar and rising bets for a half-point rate cut by the Federal Reserve.
Futures trade 0.1% at $2,612.20 a troy ounce. "According to the CME FedWatch tool, the chances of a 50 bp cut are now 62%, while the probability of a 25 bp cut is estimated at 38%," ING analysts say in a note to clients. "The gold market will likely be disappointed with only a 25 bp cut."
Meanwhile, three-month copper is up 0.7% at $9,435.00 a metric ton amid signs of a recovery in the physical market and the possibility that weaker Chinese economic data would prompt the government to introduce further stimulus measures. Aluminum rises 0.7% to $2,532.00 a ton due to stronger demand and supply disruption concerns in India.
Source: Marketwatch
