(Bloomberg) — Gold hit a record high as hopes for Federal Reserve rate cuts grow and some traders ramped up bets on a second Donald Trump presidency.
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Spot bullion rose as high as $2,469.66 an ounce, moving past the previous all-time peak set in May. The rally comes as signs of slowing inflation in the US fuel speculation the central bank will soon start lowering interest rates. High rates tend to be negative for gold, which bears no interest.
Even so, the metal has still soared nearly 20% this year, supported by large purchases from central banks, strong consumer appetite in China and demand for haven assets amid geopolitical tensions. A recent uptick in holdings by exchange-traded funds is also aiding upward…
