Gold Futures Down, But Still Near Record High
Gold futures fell 0.2% to $2,995.60 an ounce, after hitting an all-time high of $3,017.10 an ounce on Friday. The U.S. dollar weakened and gold topped $3,000 an ounce for the first time as investors continued to seek safe havens amid escalating trade tensions, ANZ Research analysts said in a note.
U.S. tariffs continued to raise concerns about higher inflation and a subsequent economic slowdown, ANZ wrote. The rally in the previous week was fueled by softer U.S. inflation data on Wednesday and Thursday, which supported the case for further interest rate cuts by the Federal Reserve, the analysts added. Lower interest rates typically boost the appeal of non-yielding bullion.
Source: Bloomberg