Spot Gold climbed above $2,510 an ounce on Thursday, hitting a record high, as prospects of interest rate cuts by the Federal Reserve continued to support the yellow metal while investors awaited fresh cues on the extent of the cuts.
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Later today, the second estimate for second quarter GDP and the latest initial unemployment claims will be released, with the Fed’s preferred inflation measure, the PCE price index report due on Friday.
According to the CME FedWatch tool, traders are currently pricing in a 63.5% chance of a 25 bps rate cut and a 36.5% chance of a 50 bps reduction in the expected September rate cut.
Markets are also expecting a 100 bps cut in rates for the remainder of the year, which would reduce the opportunity cost of holding non-interest-bearing assets.
On the other hand, official data showed that China’s net gold imports through Hong Kong rose 17% in July, marking the first increase since March.
