Gold Holds at Record Levels

Gold held near $2,660 per ounce on Thursday, trading at record levels, as markets continued to assess the scale of expected rate cuts from the Federal Reserve in the ongoing easing cycle.

Several Fed officials this week called for a cautious approach to policy adjustments following the aggressive 50 bps cut earlier this month.

Nevertheless, markets anticipate a higher probability of a rate cut in November, with fed fund futures indicating about a 62% chance of another 50 bps reduction.

Markets are now looking forward to a series of US macro data for further guidance, including the PCE report, final Q2 GDP figures, weekly initial jobless claims, and durable goods orders.

Investors are also closely monitoring additional speeches from other FOMC members, including Fed Chair Jerome Powell's address later in the day.

In the meantime, the increasing violence and risk of a broader conflict in the Middle East continued to bolster gold's status as a safe haven.