Gold is steady in the early Asian trade, supported by hopes for more Fed rate cuts. Fed Chair Powell is scheduled to deliver comments on the U.S. economy later today.
The precious metal hit another record high overnight, building on momentum from last week's Fed rate cut and guidance that further easing is likely as the labor market weakens, FFA Kings' Fadi Al Kurdi says in an email.
"Expectations of continued monetary loosening have reinforced demand for the non-yielding asset," the founder and CEO adds. Spot gold is little changed at $3,747.22/oz.
Source: Dow Jones Newswires
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