Gold Holds Near Record as Dollar Sinks Before Fed Rate Decision

Gold held its latest gains that saw it rise above $3,700 an ounce for the first time, boosted by traders’ bets for a rate cut at Wednesday’s Federal Reserve meeting.

Bullion traded less than $10 below its fresh record of $3,703.07 an ounce reached on Tuesday. It’s also been buoyed by a softer US dollar, with one gauge hovering around levels last seen in March 2022. A weaker greenback makes gold cheaper for other currency holders.

Traders are squarely focused on the outcome of the Fed’s rate-setting meeting, where they see a quarter-point cut this week as a certainty. A ...