Commodities
Gold Nears Record High as Traders Ramp Up Bets on Fed Rate Pivot
- Bullion’s gains follow strong advance in first half of 2024
- Goldman sees solid rationale for lower rates as soon as July
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Gold edged closer to an all-time high as expectations for Federal Reserve rate cuts grow and some traders ramped up bets on a second Donald Trump presidency.
Bullion rose as high as $2,444.06 an ounce, just $6 short of the previous record set in late May. Traders see two quarter-point rate reductions this year — typically benefiting the non-interest bearing precious metal — as inflation cools. A recent uptick in holdings by exchange-traded funds is also aiding upward momentum.