Gold price (XAU/USD) climbed to a fresh record high, around the $2,531-2,532 area on Tuesday amid growing acceptance that the Federal Reserve (Fed) will soon start its policy easing cycle. The markets are currently pricing in a greater chance of a 25 basis points (bps) rate cut in September, which, in turn, boosted demand for the non-yielding yellow metal. Meanwhile, dovish Fed expectations continue to weigh on the US Treasury bond yields and the US Dollar (USD). In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, dived to a fresh seven-month low and further underpinned the commodity.
Apart from this, the overnight modest pullback in the US equity markets turned out to be another factor that benefited the safe-haven Gold price. That said, the latest optimism that tensions in the Middle East were easing kept a lid on any further gains for the XAU/USD. Bulls also seemed reluctant and preferred to wait for the Fed Chair Jerome Powell's appearance at the Jackson Hole Symposium on Friday. This, along with the July FOMC meeting minutes, will be looked upon for cues about the Fed's policy path, which, in turn, will play a key role in driving the USD demand in the near term and provide some meaningful impetus to the metal.
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