Gold hits successive highs on bullish wagers

Hot commodity: Gold bullion in Singapore. Gold has surged by more than a quarter this year, supported by the Fed’s path to monetary easing. — Reuters

NEW YORK: Gold rose to another record high, building on last Thursday’s surge of nearly 2% as traders added bullish wagers ahead of a widely expected US Federal Reserve (Fed) interest-rate cut this week.

Bullion climbed as much as 1% to US$2,583.45 an ounce last Friday, putting it on track for a weekly gain of more than 3%.