Gold prices fell to record lows in Asian trade on Thursday, as the yellow metal’s rally cooled, as U.S. interest rate cuts and a slowdown eased.
The yellow metal hit an expected high this week the Federal Reserve will begin cutting rates in September.
Spot gold fell 0.5% to $2,500.55 an ounce, while gold futures for expiry in December were down 0.4% to $2,547.05 an ounce. Spot gold hit a high of $2,532.05 an ounce on Wednesday.
Gold continued to fall as some investors took profits despite fears of a recession and risk-free financial markets.
