Key Points
(Reuters) Gold struck a record high on Tuesday, moving further above $2,100 per ounce in a rally sparked by growing bets for a U.S. interest rate cut in June, with safe haven demand from war in the Middle East also tipping the scales in bullions favour...
Spot gold gained 0.6% to $2,127.99 per ounce as of 1409 GMT, having scaled a record $2,141.59 earlier..
U.S. gold futures firmed 0.5% to $2,135.80...
We wouldnt be surprised if gold gives back some of these gains as the Federal Reserve talks down imminent cuts, but once rate cuts look certain, we expect gold to trade significantly higher, said Nitesh Shah, commodity strategist at WisdomTree...
The non-yielding metal is pressured when high interest rates to tame inflation raise returns on competing assets such as bonds and boost the dollar, making gold costlier for buyers with other currencies...
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Mounting US rate cut bets fuel gold to record highs
06, Mar, 24By Anjana Anil and Ashitha Shivaprasad (Reuters) - Gold struck a record high on Tuesday, moving further above $2,100 per ounce in a rally sparked by growing bets for a U.S. interest rate cut in June,