Gold News – 17.Jul.2024

Gold News

Precious metal prices extend their winning streak due to optimism over upcoming Federal Reserve interest rate cuts.

Gold (XAUUSD) hit an all-time record of $2,480 per ounce during the Asian session on Wednesday.

Traders are confident and increasing their long positions, fueled by favorable economic data and Jay Powell’s positive comments on inflation.

The Federal Reserve is now expected to lower borrowing costs in September, earlier than previously anticipated in December.

Gold is popular due to its safe-haven allure and strong performance in a low-interest-rate environment.

The new record high follows a previous peak of $2,440 per ounce and a subsequent pullback to $2,290 per ounce.

Ray Dalio, founder of Bridgewater, emphasized gold’s investment appeal on CNBC, recommending every investor hold gold as a diversifier.

Dalio suggested an optimal portfolio should have more than 10% in gold, highlighting it as an under-owned, relatively attractive asset.

Author : Arman Shaban
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