Gold closed in on another record high Wednesday with the metal getting a boost from weaker US bond yields and expectations of more rate cuts by major central banks.
Gold’s strong momentum continued as US Treasury yields dropped to the lowest in a week, with the market anticipating another rate cut by the Federal Reserve. Traders currently see about a 96% chance of a 25-basis-point US rate cut in November, according to the CME FedWatch tool.
Now, bullion is gaining even more support as investors across financial markets reposition their portfolios in response to uncertainty over the outcome of the US presidential race.
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