Gold smashes record above $3,500 as risk aversion fuels rush

From fxstreet.com

Gold prices soar to a new all-time high past the $3,500 figure on Tuesday, rallying more than 2% even though the US Dollar advances and US Treasury yields rise. Risk aversion dominates, despite forecasts of a potential Federal Reserve (Fed) rate cut in September. XAU/USD trades above the $3,520 figure, after bouncing off daily lows of $3,470. Market mood is downbeat, hence favoring flows toward the yellow metal, which cleared April’s 22 peak of $3,500 and hit a record high at $3,530, poised to reach higher prices. Factors such as uncertainty around US policy, Fed independence threats and an increase in flows to ... (full story)