Gold Prices Hit Record High on Fed Rate Cut Bets and Global Uncertainty

Gold Prices Hit Record High on Fed Rate Cut Bets and Global Uncertainty

From econotimes.com

Gold prices surged to an all-time high in Asian trade on Tuesday as growing expectations of a Federal Reserve interest rate cut boosted demand for safe-haven assets. Spot gold reached $3,654.97 per ounce, while December futures peaked at $3,694.75/oz. The rally was fueled by a weakening U.S. labor market, with nonfarm payrolls showing almost no job growth in August. This reinforced bets that the Fed will cut rates during its September 16–17 meeting. Markets are currently pricing in a 92.4% chance of a 25-basis-point cut and a 7.6% chance of a larger 50-basis-point reduction, according to CME FedWatch. Lower ... (full story)

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