Gold rallies to record high on US rate cut optimism
IMF supports imminent start of Fed easing cycle
Bullion hits record high of $2,570.21
Palladium set for best week in 9 months
Adds comments, updates prices and graphics
By Daksh Grover
Sept 13 (Reuters) -Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of super-sized reductionin U.S. interest rates next week, while palladium has gained over 15% so far this week.
Spot gold XAU= was uphitting a record 0.3% at$2,567.23 per ounce by 0703 GMT, after high of $2,570.21 earlier in the session. Bullion has gained about 3% for the week so far.
U.S. gold futures GCcv1 rose 0.6% to $2,595.10.
The dollar .DXY fell to a one-week low on Friday, making greenback-priced gold less expensive for other currency holders, with investors on tenterhooks around uncertainty of a 25 or 50 basis point U.S. rate cut next week. USD/
"Regardless of the size of the initial Federal Reserverate cut, we look to be on the verge of a potentially long and frequent easing cycle, which is a scenario that bodes well for assets such as gold, which are non-yielding," said Tim Waterer, chief market analyst at KCM Trade.
The International Monetary Fund said it was appropriate for the Fed to begin a long-awaited monetary easing cycle at its meeting next week as upside risks to inflation have subsided.
Traders see a 41% chance of a 50-bp reduction and 59% odds of a 25 bp cut. FEDWATCH
Investors will scan the U.S. consumer sentiment (preliminary) data, due later in the day, for further clues on rate outlook.
ANZ commodity strategist Soni Kumari said "we are seeing (gold)prices can go to $2,600 in the short term, given the price momentum is looking quite strong right now."
Spot silver XAG= rose0.3% to $30.01 and platinum XPT= gained 0.7% to $983.95. Both metals are headed for weekly gains.
Palladium XPD= climbed 0.4% to $1,050.50 and was headed for its best week since December 2023, fuelled by export curb concerns.
Russian President Vladimir Putin said Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West.
Spot gold price in USD per oz https://reut.rs/3TrbK02
Reporting by Daksh Grover and Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Sonia Cheema
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