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Gold extended its rally to a new record high and is now closing in on the $2,200/ounce level after a key US jobs report bolstered expectations that the Federal Reserve will soon cut interest rates.
Spot gold climbed as much as 1.3% to $2,187.30 per ounce by 12:15 p.m. ET, rising for an eighth straight day. US gold futures gained 1.5%, trading at $2,196.80 per ounce in New York.grew on Friday after data showed US employment surpassed expectations in February while wage gains moderated, adding to signs of healthy economic growth and softer inflation.
Meanwhile, the central bank’s long-anticipated pivot to looser monetary policy is widely expected to boost gold’s appeal compared with yield-bearing assets like bonds. Persistent geopolitical tensions in the Middle East and Ukraine have also bolstered the precious metal’s role as a safe haven asset. The frenzied nature of this month’s gains has led some analysts to conclude that major new buyers are stepping into the market, such as investment funds making bold bets on the global macroeconomic outlook.
“We still believe the same underlying premise remains, which is the combination of the expectation that the Fed is still going to cut rates later this year and dollar weakness,” David Meger, director of metals trading at High Ridge Futures, toldColumn: Nickel rout is energy-transition warning for WestThe company is expecting first production from its fully permitted Florence copper project in Arizona in the fourth quarter of 2025.
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