Ammon News - Gold hovered near a record high on Monday as investors braced for a slew of speeches from U.S. Federal Reserve officials and inflation data this week, after the central bank cut interest rates last week and signalled potential further easing.

Spot gold was up 0.2% at $3,691.53 per ounce, as of 0418 GMT. Bullion hit a record high of $3,707.40 on Wednesday.

U.S. gold futures for December delivery climbed 0.6% to $3,727.40.

Investors are broadly expecting two more rate cuts this year — 25 bps each in October and December — with probabilities of 93% and 81%, respectively, according to the CME FedWatch tool, opens new tab.

Bullion, which typically performs well in a low-interest-rate environment, has risen more than 40% this year, driven by broader geopolitical and economic uncertainty, central bank buying, and monetary policy easing.

Spot silver rose 1% to $43.49 per ounce, hovering near a 14-year high. Platinum gained 0.4% to $1,409.47 and palladium rose 0.8% to $1,157.75.

Reuters