#Gold #prices reached an all-time high during Asian trading on Monday as speculation increased that the Federal Reserve might implement a larger-than-expected interest rate cut later this week.
Additionally, reports of a second assassination attempt on Republican presidential nominee Donald Trump drove some demand for safe-haven assets, although Trump was reportedly unharmed, and the attacker was detained.
#Trading volumes in Asia were somewhat limited due to market holidays in Japan, #China, and South Korea.
Spot gold climbed 0.4% to a record-breaking $2,589.02 per ounce, while gold futures for December delivery increased by 0.1% to $2,613.70 per ounce.
#Gold Benefits from Rate Cut Speculation as #Fed Decision Nears
A weaker U.S. dollar supported the rise in gold #prices as markets anticipated an upcoming Federal Reserve meeting. The central bank is widely expected to lower interest rates on Wednesday, but opinions are divided on whether the cut will be 25 or 50 basis points.
The CME FedWatch tool indicated an even 50-50 split in market sentiment over the two possible outcomes, with expectations of a more significant rate cut increasing due to concerns about a weakening labor market.
Analysts also predict that the Federal Reserve will begin an easing cycle this week, with at least 100 basis points of rate cuts anticipated by the end of the year. Lower interest rates tend to favor precious metals, as they reduce the opportunity cost of holding non-yielding assets like gold.
Platinum futures gained 0.4% to $1,004.80 per ounce, and silver futures rose 0.8% to $31.332 per ounce.
#Trump Assassination Attempt Fuels Safe-Haven Demand
Gold experienced additional demand as a safe-haven asset following news of a second assassination attempt on Trump, this time at his Florida golf course.
Secret Service agents reportedly thwarted the attempt in a shootout with the assailant, who was later captured by authorities. Trump was unharmed and confirmed this in a message on his fundraising website.
Copper Prices Hold Steady Amid Weak Chinese Data
In the industrial metals sector, copper prices benefited from the weaker dollar, but gains were limited by disappointing economic data from China, the world’s largest copper importer.
Benchmark copper futures on the London Metal Exchange edged up 0.1% to $9,276.0 per ton, while one-month copper futures rose 0.1% to $4.2225 per pound.
A series of data released over the weekend showed that China’s industrial production and retail sales in August grew less than anticipated, while unemployment rose and housing prices declined. These figures heightened concerns about a slowdown in China’s economy, which could negatively impact its demand for copper. However, analysts at ANZ noted that the weak data might prompt the Chinese government to introduce new stimulus measures.
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