Gold rose for a third day as bets on Federal Reserve interest-rate cuts increased after Treasury Secretary Scott Bessent urged the US central bank to lower borrowing costs.
Bullion traded near $3,370 an ounce after Treasury yields fell on Wednesday as Bessent suggested the Fed’s benchmark rate ought to be at least 1.5 percentage points lower than it is now. Lower borrowing costs and declining yields tend to support gold, as it pays no interest.