A worker polishes gold bullion bars in Australia. — AFP
GOLD held a three-day advance that’s taken it closer to its all-time high, after the latest Federal Reserve minutes reinforced the view that the central bank is ready to reduce rates next month.
Bullion was little changed near $2,525 an ounce, after gaining 1.6% in the prior three sessions, as traders took comfort in a report that showed directors at the Federal Reserve Banks of New York and Chicago may have supported an interest-rate cut last month when policymakers met in Washington.
The report helps cement ideas that the Fed’s long-awaited pivot is finally here, after Jerome Powell last week confirmed the "time has come” to ease policy. Lower borrowing costs tend to benefit the non-yielding precious metal. - Bloomberg
