Gold gains on rate cut bets

RUETERS-- "Gold prices scaled a near two-week peak on Thursday after weak economic data from the United States increased expectations for another rate cut by the Federal Reserve...'The bump we got now is because of the miss on durable goods numbers in the U.S.,' said Bob Haberkorn, senior market strategist at RJO Futures said. 'We had a couple of misses in the last few weeks on these numbers, be it retail sales or durable goods, and some of the PMI numbers. Overall, it lends support to another rate cut from the Fed before year-end.'....Also adding to the concerns over the health of the global economy, Euro zone business activity stagnated in October as demand withered, according to a downbeat survey published on Thursday. Central banks globally are facing increasing pressure to dole out monetary support for flagging economies as the U.S.-China trade dispute continue to take toll on trade and business sentiment. The Fed has cut interest rates twice this year and investors currently see another reduction in borrowing costs when policymakers meet next week."