Gold price momentum continues as industry predicts 10% upside

Gold closed in on another record high Wednesday with the metal getting a boost from weaker US bond yields and expectations of more rate cuts by major central banks.

Spot gold inched 0.3% higher at $2,668.82 per ounce by 12:40 p.m. ET, having touched as high as $2,684.97 earlier. US gold futures gained 0.2% at $2,684.90 per ounce in New York.

Gold’s strong momentum continued as US Treasury yields dropped to the lowest in a week, with the market anticipating another rate cut by the Federal Reserve.