Gold prices hover near record highs on Fed's aggressive rate stance

economictimes.indiatimes.com:

Gold prices hovered near record highs on Monday, as traders embraced the momentum generated by the U.S. Federal Reserve's bold interest rate cut and signs that further reductions were on the horizon.

FUNDAMENTALS

* Spot gold steadied near $2,619.37 per ounce, as of 0025 GMT, trading near a record high hit on Friday.

* U.S. gold futures edged 0.1% lower to $2,643.90.

* The U.S. Fed began easing monetary policy with a half-percentage-point rate cut on Wednesday, forecasting a further half-point reduction by year-end, a full point next year, and an additional half point in 2026.

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