Gold Rises Near Record as US PPI Underpins Fed Rate Cut Bets

Goldadvanced as a surprise pullback in US inflation underpinned bets that the Federal Reserve will lower interest rates at its meeting next week.

US wholesale inflation unexpectedly declined in August for the first time in four months, alleviating worries that elevated inflation would create a challenge for Fed policymakers trying to prevent a slowdown in the labor market. Traders now almost fully priced in three rate cuts for the rest of the year. Bullion typically benefits in a low rate environment.

Investors will be watching consumer price data due Thursday, which is expected to show another elevated monthly advance ...