Gold Edges Higher as Traders Weigh Path Forward for Fed Cuts
Gold edged higher as traders digested comments from a senior US policymaker and other central bank officials.
Bullion was up by 0.3%, near $2,655 an ounce and just shy of the all-time high reached last month. Federal Reserve Governor Christopher Waller on Monday said recent economic data signals policymakers can approach subsequent interest-rate reductions with less urgency than they applied at their gathering last month. But yields on Treasuries fell, signaling confidence on rate cuts that are often seen as bullish for the non-yielding precious metal.
Meanwhile, reserve managers from the central banks of Mexico, Mongolia and the Czech Republic made positive comments about gold on a panel in Miami at an annual industry conference held by the London Bullion Market Association.
Gold is up by more than 25% this year, with rate-cut optimism fueling recent gains. The metal has also been supported by robust purchases by central banks, as well as haven demand, amid ongoing conflicts in Ukraine and the Middle East.
Spot gold rose 0.3% to $2,655.77 an ounce at 11:25 a.m. in London. The Bloomberg Dollar Spot Index was broadly steady, while the US 10-year Treasury yield fell. Palladium, platinum and silver all fell.
Source : Bloomberg
