Gold Holds Near Record as Traders Overlook Delayed Cuts Scenario

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Gold held near a record-high as investors weighed a shift in messaging from Federal Reserve chief Jerome Powell, who said the US central bank will likely keep rates on hold for longer than originally planned. The precious metal is up about 15% so far this year, driven by haven demand amid escalating geopolitical tensions. Despite a surge in Treasury yields and a stronger dollar, gold remains in a weeks-long uptrend. Long-standing supports, including robust buying by central banks and increased demand from Chinese consumers, are also underpinning prices. Spot gold was steady at $2,381.99 an ounce, close to its all-time high of $2,431.52 reached on Friday.

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