Commodities
Gold Near Record as Jobs Revision, Fed Minutes Support Rate Bets
- The Fed chair will speak at Jackson Hole, Wyoming on Friday
- Bullion has surged 22% this year and hit all-time high Tuesday
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Gold traded near a record high as Federal Reserve minutes and a downward revision of US payrolls reinforced expectations that policymakers will cut interest rates in September.
Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady. Swap traders now expect a quarter-point cut next month and a roughly 20% chance for a half-point reduction.