Gold hits 16-month high ahead of Fed rate decision

BY

Gold surged to a 16-month high on Tuesday, with sentiment bullish ahead of an expected interest rate cut by the U.S. Federal Reserve and on record high oil prices.

The Fed is expected to slash its benchmark 5.25 percent fed funds rate by at least 25 basis points
at 0215 HKT on Tuesday to help cushion the U.S. economy from credit market turmoil and a housing market slowdown.

JKL

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