Expectations for a September interest rate cut are growing, and many friends are already cheering. At the same time, there are questions in the group: Gold has always been a safe-haven asset, rising even without rate cuts. Now, with such high expectations for a rate cut, it's still rising. Why is it constantly going up?

This is indeed a very good question.

U.S. economic growth and tariff-related inflation concerns will continue to intensify in the second half of 2025. Combined with a weaker dollar, this will drive gold prices moderately higher to new historical highs. The current logic behind gold's rise is: September rate cut expectations → lower real interest rates → weaker dollar → safe-haven demand. If the rate cut happens in September, gold may launch a new round of gains. If it doesn't, short-term pullbacks could create opportunities for long-term allocation.

Below is a summary from my friend for your reference.

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