Gold investors upped the ante in the lead up to the Federal Reserve’s first expected cut to interest rates in more than a decade, adding to exchange-traded fund holdings on speculation that US policy guardians will deliver more than just a one-and-done reduction. Prices were steady.
Holdings in bullion-backed ETFs expanded 4.8 t to 2 350.1 t, the highest since April 2013, according to data compiled by Bloomberg, while silver options showed a spike. Spot bullion was flat near a six-year high ahead of the Federal Open Market Committee’s policy statement at 2 p.m. Washington time.