Gold Hovers near Record High ahead of Fed Rate Verdict

Gold prices hovered near a record high today, ahead of the anticipated start of the US interest rate reduction cycle, which could see policymakers deliver an outsized cut. Spot gold was steady at $2,581.68 per ounce. Bullion rose to a record high of $2,589.59 yesterday (Monday). US gold futures were also steady at $2,608.60. The dollar was down 0.1%, making gold less expensive for other currency holders. Spot silver inched up 0.1% to $30.79 per ounce and platinum rose 0.6% to $986.90. Palladium gained nearly 1% to $1,087.09, after hitting its highest level since April 11 earlier in the session. Source: Oman News Agency