Spot gold topped $2,500 an ounce for the first time, bolstered by hopes that the US Federal Reserve is edging closer to cutting interest rates. Bullion for immediate delivery hit $2,500 an ounce Friday, exceeding the previous record reached last month, as a disappointing reading on the US housing market reinforced expectations of fast and deeper cuts by the US central bank. Lower rates are generally positive for gold as it pays no interest.
