Fed rate-cut hopes keep gold near record levels
Gold hit an all-time high of $2,483.60 on Wednesday
Gold ETFs record second consecutive month of inflows in June
Rewrites as of 1448 GMT
By Rahul Paswan
July 18 (Reuters) -Gold prices edged higher on Thursday, as expectations of a September interest rate cut from the U.S. Federal Reserve continue to gather momentum.
Spot gold XAU= was up 0.3% at $2,466.33 per ounce as of 1448 GMT. It hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures GCcv1 also climbed 0.4% to $2,469.70.
"Analysts foresee long-term gains for the precious metal, driven by the Federal Reserve's preparations to cut rates, believing inflation is under control," said Russell Shor, senior market specialist at Tradu.
Geopolitcal instability and central bank demand are also creating a positive medium to long-term outlook for gold, Shor said.
Markets are pricing in a 100% chance of a U.S. cut rate in September, according to the CME FedWatch Tool. Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.
The number of Americans filing new applications for unemployment benefits rose more than expected last week, but there has been no material shift in the labor market, according to data released by the Labor Department on Thursday.
However, the International Monetary Fund said on Thursday the Fed should not cut interest rates until late 2024.
Meanwhile, the European Central Bank kept interest rates unchanged as expected, with its president Christine Lagarde saying a move in September was "wide open".
Some safehaven demand is being triggered from China "because of the negative rhetoric coming from both U.S. presidential candidates towards China," said Jim Wyckoff, senior market analyst at Kitco Metals.
According to the World Gold Council, global physically backed gold exchange-traded funds recorded their second consecutive month of inflows in June. GOL/ETF
Spot silver XAG= fell 0.5% to $30.15 per ounce, platinum XPT= fell about 0.8% to $986.45 and palladium XPD= lost 1.6% to $936.25.
Spot gold price in USD per oz https://reut.rs/3W7oDNf
Reporting by Rahul Paswan in Bengaluru; Editing by Krishna Chandra Eluri
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