Gold Eases From Record With Rate Hope, Haven Demand in Spotlight
Gold eased as investors took profits after another record-breaking session, with prices bolstered by growing optimism over the timing of the next Federal Reserve rate cut and increasing haven demand. Bullion traded less than $20 shy of Monday’s fresh all-time high of $2,956.19 an ounce. Amid mounting concerns over the US economy, swap markets now price in a quarter-point cut by the Fed in July.
- The renewed interest in gold-backed exchange-traded funds suggests that investors are seeking safe havens amidst growing economic uncertainty and geopolitical tensions.
- Will the recent surge in haven demand for gold continue as investors await further signs of economic weakness or shifts in monetary policy?