Gold Prices Reach Record High
Gold prices surged over one percent on Thursday to hit record levels, driven by expectations of an interest rate cut by the Federal Reserve next week. The rise was fueled by US economic data indicating a slowing economy, with initial claims for unemployment benefits up by two thousand. Market analysts anticipate further frequent interest rate cuts, making gold an attractive investment.
Gold prices surged over 1% on Thursday to hit record levels, driven by expectations of an interest rate cut by the Federal Reserve next week.
Spot gold reached one thousand two hundred fifty-one dollars nineteen cents per ounce, and US gold futures rose to one thousand two hundred seventy-eight dollars ninety cents.
The rise was fueled by US economic data indicating a slowing economy, with initial claims for unemployment benefits up by two thousand to a seasonally adjusted two hundred thirty thousand.
US producer prices also increased slightly more than expected.
Market analysts, including Alex Ebkarian from Allegiance Gold, anticipate further frequent interest rate cuts, making gold an attractive investment.
The CME FedWatch tool shows an 87% likelihood of a twenty-five basis-point cut and a 13% chance of a fifty basis-point cut when the Federal Reserve meets on September 17 and 18.
Phillip Streible from Blue Line Futures notes that faltering labor market conditions may lead to sustained interest rate reductions.
Spot gold reached one thousand two hundred fifty-one dollars nineteen cents per ounce, and US gold futures rose to one thousand two hundred seventy-eight dollars ninety cents.
The rise was fueled by US economic data indicating a slowing economy, with initial claims for unemployment benefits up by two thousand to a seasonally adjusted two hundred thirty thousand.
US producer prices also increased slightly more than expected.
Market analysts, including Alex Ebkarian from Allegiance Gold, anticipate further frequent interest rate cuts, making gold an attractive investment.
The CME FedWatch tool shows an 87% likelihood of a twenty-five basis-point cut and a 13% chance of a fifty basis-point cut when the Federal Reserve meets on September 17 and 18.
Phillip Streible from Blue Line Futures notes that faltering labor market conditions may lead to sustained interest rate reductions.
