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Gold extends record rally as traders weigh Fed move
Gold prices rose slightly to record highs, supported by safe-haven demand, as geopolitical tensions intensified ahead of the Fed's interest rate decision.
Gold climbed above $3,039 an ounce, breaking all-time highs set in the previous session. Russian President Vladimir Putin has refused to grant a 30-day ceasefire in Ukraine demanded by Donald Trump and his team to end the three-year conflict. This week, as Israel launched air strikes on the Gaza Strip, killing hundreds of people and ending a ceasefire with Hamas, the demand for safe havens also rose.
Meanwhile, the Federal Reserve prepares to keep borrowing costs steady when it meets later on Wednesday, and investors will be watching the Fed's latest economic forecasts and Chairman Jerome Powell's press conference for clues about the future direction of U.S. monetary policy.
Traders are cutting their bets on further easing this year-a scenario that usually puts pressure on precious metals because gold does not pay interest-but gold is gaining support from growing safe-haven demand.
As US President Donald Trump's tariff agenda has affected consumer confidence, fears of a slowdown in the US economy have followed. The latest survey by Bank of America shows that investors have sharply reduced their holdings of U.S. stocks to the highest level ever, highlighting the large-scale rotation in the market.
The gloomy outlook for the U.S. and global economies highlights the role of gold as a hedge in times of uncertainty. So far this year, the price of gold has risen about 15%, continuing its strong performance in 2024. Several major banks have raised their price targets in recent weeks.
in stock gold fell slightly after setting a record, trading essentially flat at $3,036.08 an ounce at 12:46 pm Singapore time. The Bloomberg dollar in stock index rose 0.1 percent. Silver was flat, platinum fell and palladium edged up.
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