Gold held steady as traders weighed simmering Middle East tensions against a stronger-than-expected US jobs report that doused hopes for aggressive rate cuts by the Federal Reserve this year.
Karl Schamotta, chief market strategist of Corpay, joins BNN Bloomberg for insght on gold trading at record high levels.
Bullion traded near $2,660 an ounce, continuing to tread water below a recent record high. Key US Treasury yields are back at 4% after Friday’s blowout US jobs numbers undercut chances of a big rate reduction by the Fed in November. Money markets now price less than a quarter-point move next month. Gold has rallied about 29% this year — hitting a series of all-time highs — with recent gains fueled by rate-cut optimism. The metal has also been supported by robust purchases by central banks as well as haven demand amid ongoing conflicts in Ukraine and the Middle East.
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