On Wednesday, gold prices remained near record highs due to a weaker dollar and escalating turmoil in the Middle East. Investors also anticipated new indications on the US interest rate trajectory.
Fed futures traders anticipate 75 basis points of rate decreases by the end of the year, according to CME FedWatch.
Fed Governor Michelle Bowman said on Tuesday that key inflation metrics remain “uncomfortably above” the US central bank’s 2% objective, indicating caution as the Fed cuts interest rates.
Spot gold remained unchanged at $2,658.07 per ounce. On Tuesday, the gold price reached a record high of $2,664.25. Gold futures nudged up 0.2% to $2,682.60.
The dollar fell 0.2%, making greenback-priced bullion less expensive for other currency holders.
Data on Tuesday indicated that U.S. consumer sentiment in September declined by the highest in three years amid rising fears about the labour market, while more people intended to purchase a home over the next six months.
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