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Gold scaled yet another record peak on Tuesday as traders snapped up the safe haven asset amid growing Middle East tensions, largely ignoring a stronger dollar and tempered bets for U.S. rate cuts.
The latest leg up in gold prices is probably also associated with short covering from family offices and proprietary trading shops, Ghali added.Saxo Bank’s Ole Hansen said an underlying bid from retail and central banks was being joined by momentum-following speculators who have extended their already elevated longs following gold’s break above $2,200.“What makes the gold rally so unusual is that it is occurring despite significant traditional headwinds with the U.S.
Traders pared bets of a June interest rate cut to 58% versus around 60% before the data, which under normal circumstances, would pressure zero-yield bullion. Silver rose 3.2% to $25.89 per ounce, platinum added 2.4% to $923.00 and palladium climbed 0.1% to $996.88.
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