Gold rose for a third day after the Federal Reserve indicated that it’s preparing to cut interest rates for the first time in a decade as the global economy slows.
Exchange-traded funds backed by the precious metal also received a boost, with holdings rising to 2,311.3 tons as of Wednesday, the highest level since 2013.
Spot gold climbed as much as 0.6% to $1,427.23 an ounce, and was at $1,421.65 at 7:11 a.m. in London. Bullion hit $1,439.21 on June 25, the highest level since 2013. The Bloomberg Dollar Spot Index dropped 0.2%.
In other precious metals, spot silver and platinum were little changed. Palladium advanced 0.4% and is trading near an all-time high reached in March.