Ben McMillan, CIO at IDX Advisors, talks about the record rise in gold and the return of bond vigilantes.
Gold’s record-setting rally cooled, as markets awaited a key US jobs report to justify wagers on US interest-rate cuts that have helped bolster the metal’s price.
Bullion fell as much as 1.3% as traders took profits after a seven-day rally fueled by mounting bets on US rate cuts and strong haven demand amid concerns over the Federal Reserve’s future. Prices hit an all-time high above $3,578 an ounce on Wednesday following a weak US jobs report that spurred markets to almost fully price in a US rate reduction this month.
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