Gold News – 19.Aug.2024

Gold News

Gold Hits Record High: Gold prices surged past $2,500 per ounce for the first time ever, closing at $2,510 with a 2.3% gain.

Rate Cut Expectations: Traders are increasingly betting on interest rate cuts by the Federal Reserve, which is driving up gold prices.

Economic Data: Positive US economic reports, including strong retail sales and a decline in inflation to 2.9% in July, are supporting the narrative of upcoming rate cuts.

US Dollar Weakness: A weakening US dollar, which fell for the fourth straight week, also contributed to the rise in gold prices.

Impact of Rate Cuts on Gold: As a non-yielding asset, gold becomes more attractive when interest rates are cut, reducing the opportunity cost of holding it. Lower rates also make the dollar less appealing.

Author : Arman Shaban
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