Gold Extends Gains on Rate-Cut Bets and Hopes of War Nearing End

Gold rose for its fourth straight session as traders bet the Federal Reserve may need to cut interest rates to shore up a possible economic downturn even as hopes grew that war in the Middle East may be nearing a conclusion.

Bullion rose as much as 2.7% Wednesday to approach $4,800 an ounce before trimming gains. The Middle East war has upended global markets and choked supplies of energy and other goods, triggering concerns about a spike in inflation that outweighed gold’s traditional appeal as a haven.