Gold is trading higher today, with precious metal catching a bid in the early afternoon and moving to fresh record highs. GOLD is up over 1% on the day and broke above precious records reached near $2,484 mark in July. Daily highs, which is a new intraday all-time high was reached near $2,492.50 per ounce, before price pulled back slightly.
Gold has been trading higher in recent days amid increased expectations that Fed will begin to cut rates in September and may even decide on a 50 basis point rate cut in September or November. The move higher in the early afternoon today came without any accompanying news and can be seen as continuation of those dovish moves on the gold market.
Source: xStation5
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