‘Firing on all cylinders’: traders gear up for gold’s record test

Commodity traders are gearing up for gold to resume its record-breaking run as mounting fears about a US recession force the Federal Reserve to cut interest rates and President Donald Trump’s erratic trade policies whack the greenback.

The precious metal has been stuck in a tight trading range since climbing to a record high of $US3500 an ounce in April as investors took profits after its near 30 per cent rally this year. That was until Friday, when a softer-than-expected US jobs report unleashed a wave of bets that the Fed would lower borrowing costs imminently.

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