US EditionGold rallies to record high on softer dollar, rate-cut expectations
- Gold prices reached an all-time high due to a weakened dollar and expectations for a Federal Reserve interest-rate cut in September.
- Spot gold rose 1.7% to $2,498.72 per ounce, hitting a record of $2,500.99 earlier.
- U.S. gold futures traded 1.8% higher at $2,537.80, while the dollar index fell 0.4%, making gold more attractive for international buyers.
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Why gold prices just hit a new record
Three investors of the "Big Short" said they remained bullish on gold for the long-run.Srinophan69/Getty ImagesThe price of spot gold topped $2,500 per ounce on Friday, a new all-time high.The metal is rising on confidence that interest-rate cuts are imminent.The precious metal could eventually reach $2,900, one analyst projected.The price of spot gold climbed past $2,500 an ounce to a new record on Wednesday.The precious metal has rallied more …
Gold reached a new historic level on Friday, of $2,492.55 an ounce, reports AFP, quoted by News.ro. On Friday, around 13:30 GMT (16:30 Romanian time), the price of an ounce of gold increased by 1.27% to $2,488.10, after the publication of gloomy data on the construction of new homes in the United States. On Friday, the National Bank of Romania showed a rate of 358.61 lei/gram of gold, in insignificant decrease compared to the previous day.
The ounce of gold, a safe haven par excellence, broke a new record this afternoon after exceeding 2,500 dollars (2,274 euros) for the first time in its history in a context marked by optimism in the face of possible drops in interest rates in the United States (Fed) and geopolitical instability, according to market data. The precious metal reached 2,538.60 dollars (2,309.04 euros) during the day, although around 17.45 CET it was trading at 2,528…
The price of gold rose above $2,500 an ounce for the first time today, boosted by expectations that the US central bank, the Fed, is getting closer to cutting interest rates.
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