GOLD SURPASSES $2,500
Gold surpasses $2,500 for the 1st time on Fed rate cut hopes
Spot gold prices continued to surge to another record-breaking level, driven by expectations that the US Federal Reserve is moving towards reducing interest rates. This increase in demand for the yellow metal can also be attributed to traders evaluating the persistent geopolitical tensions in the Middle East and turning to investing in the aforementioned commodity.
Further, recent strong US economic data the case for a less aggressive stance by the Federal Reserve on its widely anticipated rate cut in September.
Gold grew by 1.8% at 9:50 am ET to sell for $2,500.13 per ounce, having hit the $2,488 mark moments earlier.
Spot gold prices continued to surge to another record-breaking level, driven by expectations that the US Federal Reserve is moving towards reducing interest rates. This increase in demand for the yellow metal can also be attributed to traders evaluating the persistent geopolitical tensions in the Middle East and turning to investing in the aforementioned commodity.
Further, recent strong US economic data the case for a less aggressive stance by the Federal Reserve on its widely anticipated rate cut in September.
Gold grew by 1.8% at 9:50 am ET to sell for $2,500.13 per ounce, having hit the $2,488 mark moments earlier.
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