Gold edges higher in the early Asian session amid hopes for Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal.
Treasury Secretary Bessent said on Wednesday that there was a good chance the Fed could cut rates by 50 basis points next month. In a television interview, Bessent suggested borrowing costs might eventually drop by 1.5 percentage points or more.
Bessent's comments increased speculation that the Fed will cut rates in September, with money market fully pricing in a 25bps rate cut, ANZ Research analysts say in a research report. This boosted gold's appeal to investors, the analysts add.
Spot gold is 0.4% higher at $3,370.33/oz.
Source : Dow Jones Newswires
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