May 20, 2024
Gold price hits $2,450 on rate cut optimism, geopolitical risks
US gold futures saw a similar rise of 0.5% at $2,429.60 per ounce, having hit $2,454.20 earlier in the day. The metal eased off its high on profit-taking but the outlook remains positive and “new records could be on the way,” explained Fawad Razaqzada, market analyst at City Index, in a Bloomberg note. Traders have been boosting bets in recent sessions that the Fed may reduce borrowing costs as early as September, a scenario that would bolster gold since it doesn’t pay interest. A weaker dollar has provided the precious metal with additional support. Recent economic data releases indicated that
