Gold climbed to a fresh record, with traders weighing China’s plan to become a custodian of foreign sovereign gold reserves in a bid to strengthen its standing in the global bullion market. The People’s Bank of China is using the Shanghai Gold Exchange to court central banks in friendly countries to buy bullion and store it within the country’s borders, according to people familiar with the matter. Meanwhile, traders are waiting for a speech from Federal Reserve Chair Jerome Powell for fresh insight into the central bank’s monetary policy path. Before his speech, Fed Governor Michelle Bowman said officials need to act decisively to bring down rates as the labor market weakens. Fed Bank of Chicago President Austan Goolsbee told CNBC the US central bank should be cautious given inflation is on an upward trajectory.