Gold sprints to all-time high as Fed rate-cut hopes boost demand
US 10-year Treasury yield hovers near 4-month low
Traders price-in 25 bps Fed rate cut in Sept
Gold outlook remains positive - analyst
Adds comments, more details and updates prices as of 1532 GMT
By Brijesh Patel and Rahul Paswan
July 16 (Reuters) -Gold prices jumped more than 1% to a record high on Tuesday, as investors flocked to the safe-haven asset after comments from Federal Reserve officials cemented expectations of a U.S. interest rate cut in September.
Spot gold XAU= gained 1.6% to $2,460.99 per ounce by 11:32 a.m. ET (1532 GMT), while U.S. gold futures GCcv1 for August delivery rose 1.5% to $2,465.80 per ounce.
"Gold surges to new all-time highs despite stronger-than-expected core retail sales data, encouraged by Powell indicating yesterday that the Fed was growing more confident that inflation was back on its way to target," said Tai Wong, a New York-based independent metals trader.
"This essentially etches a September cut in stone barring an inflation calamity in the coming weeks."
Fed Chair Jerome Powell on Monday said recent inflation data bolstered policymakers' confidence that price pressures are on a sustainable path to remain low, reassuring markets that the U.S. rate cut is on the cards in September.
San Francisco Fed Bank President Mary Daly also said "confidence is growing" that inflation is heading toward the U.S. central bank's 2% goal.
Lower U.S. interest rates put pressure on the dollar and bond yields, which increases the appeal of non-yielding bullion. Gold prices have risen more than 19% so far this year, after a 13% rise in 2023.
"Thanks largely to weakness in economic data, and falling inflationary pressures, bond yields are continuing to remain under pressure," said Fawad Razaqzada, market analyst at City Index. US/
"This is helping to boost the appeal of low- and zero-yielding assets, and thereby keeping the gold outlook positive."
Gold's rise came despite a stronger dollar, with the U.S. unit =USD up 0.2% against its rivals, after a reading of retail sales proved to be firmer than expected.
Among other metals, spot silver XAG= rose 0.9% to $31.29 per ounce, platinum XPT= gained 0.2% to $997.13 and palladium XPD= climbed 0.7% to $957.
Reporting by Brijesh Patel, Rahul Paswan and Anushree Mukherjee and in Bengaluru; Editing by Krishna Chandra Eluri and Shreya Biswas
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