GOLD GETS LIFT AS MEDIA REVIVES DEBATE OVER FED RATE CUTS
- Gold is hitting record highs on Friday as markets debate anew whether the Fed will cut by 50 or 25 basis points in September.
- The revival of the possibility of a “jumbo” 0.50% cut fuels another rally in Gold.
- Gold’s broad uptrend resumes although momentum is flashing “overbought”.
Gold (XAU/USD) is exchanging hands in the high $2,560s on Friday, trading about 0.40% higher on the day after posting new record highs on Thursday when it broke decisively out of a range it had been oscillating in since it peaked on August 20.
The initial catalyst for the breakout was the release of mixed “factory gate” price inflation data, or Producer Price Index (PPI) data out of the US for August. The figures showed a deeper-than-expected slowdown in headline PPI, and although core PPI remained sticky, the market reacted as if the data was disinflationary.
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