Gold jumps to record high on Fed rate cut outlook
Silver up 0.8%
US dollar down 0.4%
Gold to hit $2,900 by end of 2025, ANZ analysts say
Updates prices as of 1059 GMT
By Ashitha Shivaprasad
Sept 16 (Reuters) -Gold prices charged to a record high on Monday as a weaker dollar and the prospects of aggressive U.S. monetary policy easing boosted non-yielding bullion's appeal.
Spot gold XAU= was up 0.1% at $2,579.09 an ounce by 1059 GMT after touching a record peak of $2,589.59. U.S. gold futures GCcv1 edged down by 0.1% to $2,606.80.
The dollar index .DXY eased by 0.4%. A weaker U.S. currency makes dollar-priced gold more attractive to buyers using other currencies. USD/
This week's key event is the Federal Reserve interest rate decision due on Wednesday. Trader expectations are for a 59% chance of a cut of 50 basis points. FEDWATCH
The first U.S. rate cut is getting closer and will be followed by more, supporting gold, said UBS analyst Giovanni Staunovo.
"Any change to the Fed dot plot is likely to result in near-term volatility, but I believe we are still on the path of higher prices over the coming months," he said.
Bullion becomes generally a more attractive investment in periods of lower interest rates and is considered a safe asset in times of turmoil.
Macroeconomic and geopolitical concerns, U.S. elections and a likely increase in equity market volatility also make a compelling case for increasing investment in gold, ANZ analysts said in a note.
"We expect gold prices to move towards $2,700 in the short term and reach a high of $2,900 by the end of 2025," the note added.
The FBI said that Republican presidential candidate Donald Trump was the subject of a second assassination attempt on Sunday.
Spot silver XAG= gained 0.8% to $30.89 an ounce, hitting its highest in two months earlier in the session.
Platinum XPT= shed 0.3% to $992.10 and palladium XPD= was up 0.4% at $1,072.28.
Data from China over the weekend showed industrial output growth slowed to a five-month low in August while retail sales and new home prices weakened further.
Reporting by Ashitha Shivaprasad and Rahul Paswan in Bengaluru
Editing by David Goodman
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