Western investors have piled back into gold as they position for US interest rate cuts later this year, helping to drive prices to record highs this week.
Prices reached $2,531 per troy ounce in Tuesday trading, taking gold’s gains for the year to more than a fifth, boosted by purchases by institutional investors and bullish hedge fund bets.
Holdings of physically backed gold ETFs have risen by 90.4 tonnes, equivalent to $7.3bn, since May, according to data from the World Gold Council, an industry body. Net inflows were positive in seven of the past eight weeks.
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