Gold Trims Gains as Traders Book Profit After Fresh Record
- Rate-cut bets, geopolitical risks drove metal to fresh record
- Silver reached 11-year high on tight supply constraints
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Gold trimmed gains as traders booked profits after prices surged to a record on increasing optimism over the Federal Reserve’s monetary policy and rising geopolitical tensions in the Middle East.
Bullion was slightly higher in early New York trading on Monday after earlier jumping as much as 1.4% to hit $2,450.07, which surpassed a previous intraday high reached in April.