Gold hits fresh record high as investors eye further rate cuts

Gold soared to an all-time high on Monday, fueled by growing expectations of further US rate cuts and persistent safe-haven demand amid political uncertainty, reports Reuters.
Investors are closely watching upcoming Federal Reserve speeches and key inflation data for fresh policy signals.
Spot gold rose 1 per cent to $3,718.71 per ounce, as of 09:53 a.m. ET (1132 GMT), after hitting a new record high of $3,728.22 earlier in the session. US gold futures for December delivery climbed 1.3 per cent to $3,752.60.
"There's a continued flow of safe haven demand amid geopolitical matters that are still kind of wobbly, including the Russia-Ukraine war. Last week's Fed interest rate cut and probably more Fed rate cuts coming by the end of the year," are also supporting prices, said Jim Wyckoff, senior analyst at Kitco Metals.
Russia's defence ministry said on Monday its forces had taken control of the settlement of Kalynivske, in Ukraine's Dnipropetrovsk region.
The US Federal Reserve cut interest rates by 25 basis points last week - its first reduction since December - and signaled a willingness to ease further, citing a softening labor market.
Investors are closely watching a series of Fed speeches this week, including remarks from Chair Jerome Powell on Tuesday, for fresh signals on the central bank's monetary policy path. Friday's US core personal consumption expenditure price data is also in focus.
Meanwhile, after a typical seasonal dip in UK gold buying, central bank demand has rebounded to 63 tonnes, matching the post-2022 average and adding to bullish sentiment, Societe Generale said in a note on Monday.