Gold steadied near a record, with upcoming US data expected to give clues on whether the Federal Reserve’s 50-basis-point rate reduction last week will be the first in a series of aggressive cuts.
Lenka Martinek, managing partner of Sustainable Market Strategies & Nordis Capital, joins BNN Bloomberg and talks about gold prices hitting another record high.
Bullion rose as much as 0.5% to a record US$2,634.90 an ounce, beating the previous all-time high posted on Friday. Gold has advanced since the Fed lowered its benchmark interest rate by half a percentage point last week, building on what was already a record-setting year for the precious metal. Federal Reserve Bank of Chicago President Austan Goolsbee, meanwhile, said interest rates need to be lowered “significantly” to protect the US labor market and support the US economy.
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