'Interest rate cut' fluctuation in gold

Gold traded sideways after reaching near-record highs on speculation of a rate cut. Gold held steady in Asia after rising to near-record levels in the previous session on signs the Fed was moving closer to cutting interest rates. The precious metal rose 1.5% to hit an intraday high of $2,115.92 an ounce on Monday, just shy of its all-time high of $2,135.39 set on Dec. 4 last year. After trading in a narrow range at the start of the year, bullion rebounded in mid-February. While the timing of when the Fed will act remains uncertain, signs that it is getting closer have supported gold in recent weeks. Swap markets suggest the odds of a June rate cut are nearly 60%. Gold could also be getting some shelter from rising tensions in the Middle East, attacks on shipping in the Red Sea, trouble in the Chinese economy and the U.S. presidential election due later in the year. The U.S. Supreme Court has ended efforts to ban Donald Trump, saying he could run for president this year. Spot gold was steady at $2,114.52 an ounce as of 8:25 a.m. Singapore time. The Bloomberg Dollar Spot Index was also flat. Silver and palladium were little changed, while platinum fell.