Despite its pullback from a record high last month, gold has gained more than 50 per cent this year and remains on course for its best annual performance since 1979. A scorching rally has been supported by inflows to exchange-traded funds, as well as central bank purchases. Many analysts saw the more rapid gains chalked up in the second half of the year as overstretched, as a “debasement trade” narrative about a retreat from sovereign debt and currencies took hold.
Gold trims loss as U.S. Federal Reserve signals a interest rate cut soon
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