(Bloomberg) -- Gold rose to a record high, building on a surge of nearly 2% on Thursday, as the dollar extended declines ahead of a widely expected Federal...
-- Gold rose to a record high, building on a surge of nearly 2% on Thursday, as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week.Bullion climbed as much as 0.4% to $2,568.06 an ounce on Friday, putting it on track for a weekly gain of almost 3%.
Traders were also weighing two US data points released Thursday that showed an uptick in applications for unemployment benefits, and a slight rise in August’s producer price index, although the categories that feed into the Fed’s preferred inflation gauge were muted. Investors closing out bearish wagers on gold may have also contributed to the metal’s ascent. Money managers’ gross short positions in Comex gold futures stood at the highest in four weeks in the week ending Sept. 3, according to the latest data.“Gold’s being used more as a hedge in the portfolio right now,” said Chris Weston, head of research at Pepperstone Group Ltd.
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