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 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.
Gold rallies to record high on softer dollar, rate-cut expectations
Gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion.
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