(Bloomberg) — Gold steadied after hitting another record as traders increased bets on Federal Reserve rate cuts, while weighing the uncertain political outlook in the US.
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Bullion climbed to an all-time high of $2,482.29 of an ounce, before paring gains. Gold rallied 1.9% to a record on Tuesday as traders piled into bets for earlier, deeper rate cuts from the Fed amid increasing signs that inflation is cooling toward the central bank’s target. Lower borrowing costs tend to benefit the precious metal as it yields no interest.
Gold has soared nearly 20% this year, supported by large purchases from central banks, strong consumer appetite in China and demand for haven assets amid geopolitical…
