Gold Slips Away from Record High

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Gold edged lower in early dealings after topping the $930 mark for the first time ever in electronic trading.

Gold edged lower in early dealings after topping the $930 mark for the first time ever in electronic trading. Bullion for February delivery moved at $924.40, down $2.70 on the session. Prices reached a new intraday record of $933.30 in overnight dealings.

The metal hit another record high on Monday as traders demonstrated they expect another interest rate cut later this week. February-dated gold contracts closed at $927.10, up $16.40 on the session. The precious metal reached as high as $929.80 in mid-day trading, topping the record high of $924.30 on Friday.

Traders are looking for another interest rate cut when the Federal Open Market Committee concludes its highly-anticipated two-day meeting on Thursday. Most experts predict rates to be lowered by either 25 or 50 basis points. This comes after the Fed's surprise 75 basis point cut to 3.5% last week in an effort to stop the economy from slipping into a clear recession.

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