Gold steadied after setting another record on Wednesday as traders upped their bets on Federal Reserve rate cuts while weighing the uncertain political outlook in the US. Spot gold climbed to an all-time high of $2,483.73 an ounce before paring gains. By 12:45 p.m. ET, it had retreated to $2,455.71 an ounce. US gold futures are also down slightly at $2,460.70 per ounce.
Gold rallied as much as 1.9% on Tuesday to surpass a record high set in May as traders piled into bets for more aggressive rate cuts from the Fed amid increasing signs that inflation is cooling toward the central bank’s target.
On Wednesday, Fed Governor Christopher Waller said the economy is getting closer to a point where the central bank can reduce borrowing costs, but indicated he’d like to see a “bit more evidence” inflation is on a sustained downward path.
For the rest of this article: https://www.mining.com/web/gold-price-sets-new-high-as-traders-bet-on-fed-rate-pivot/