The market expects the Federal Reserve to cut interest rates, which has already driven up the price of gold. For example, some analysts predict that the Fed's rate cuts in 2024 will push gold prices above $2,500 per ounce. Expectations of rate cuts, geopolitical risks, and central bank gold purchases have all contributed to the rise in gold prices.

In addition, the global wave of central bank rate cuts has also impacted gold prices. For instance, the European Central Bank's decision to cut rates in September, along with market expectations of potential Fed rate cuts, has enhanced gold's appeal as a safe-haven asset.

However, it's important to note that while rate cuts are generally favorable for gold prices, gold is also influenced by various other factors, including global economic conditions, geopolitical tensions, and market supply and demand. Therefore, although rate cuts may provide support for gold prices, the actual price movement will depend on the combined impact of these multiple factors.