Spot gold was up 0.3% at $2,630.19 an ounce by 11:37 a.m. ET (1537 GMT), after hitting an all-time high of $2,635.29 earlier in the session.
“The market is still reacting to the Fed’s 50 basis point cut last Wednesday… The US central bank has signaled that it is not particularly concerned about inflation and will do its best to ensure that unemployment does not rise. In the US problem,” said Bart Malek, head of commodity strategy at TD Securities.
However, the Fed is not in a “mad dash” for a neutral interest rate because policymakers are engaged in a “robust” debate over how far and fast rates should fall, Atlanta Federal Reserve President Raphael Bostic said.
If employment rates fall, it will lead the market to believe that the Fed may become more aggressive on the cutting edge, which is very helpful for gold, Melek said, adding that regional instability in the Middle East could also further fuel the situation. Gold boom.
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Israeli Prime Minister Benjamin Netanyahu said Israel faced “difficult days” as it stepped up strikes against Hezbollah in southern Lebanon, and he called on Israel to remain united as the campaign begins.
Gold, a traditional hedge against geopolitical and economic uncertainty, is headed for its best year in fourteen years.
Global physically backed gold exchange-traded funds (ETFs) saw modest net inflows of 3 metric tons last week, according to the World Gold Council.
Traders will await US PCE inflation data on Friday for comments from Fed officials and further policy signals later in the week.
Spot silver fell 0.8% to $30.85 an ounce, and platinum fell 1.2% to $963.30, while palladium fell 1.8% to $1,048.43.
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