Gold spot prices surged more than 1.8% during the trading session! It is only 6 cents away from reaching a new all-time high.
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The spot price of gold surged by more than 1.8% under the expectation of a rate cut by the Federal Reserve, approaching its historical high, only 6 cents away. The weak ISM manufacturing PMI data in the United States and bond traders' bets on a rate cut by the Federal Reserve next year have intensified the upward momentum of gold prices. Institutions such as UBS predict that with the rate cut by the Federal Reserve and the decline in real interest rates, the price of gold may reach new highs again. At the same time, the prospects of US interest rates and geopolitical uncertainties are also supporting the rise in gold prices.
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