ALBAWABA – Gold prices set a new high record, exceeding $2,500 per ounce with anticipation of interest rate cuts by the US Federal Reserve, according to Bloomberg.
Gold alloys hit $2,500.16
Gold alloys set a record of $2,500.16 per ounce on Friday as it increased by 1.8%, surpassing last month’s high records. It is worth noting that US housing market boosted expectations of faster and deeper interest rates cuts by the Federal Reserve.
Gold prices boosted by more than 20% in 2024
The precious metal’s prices increased by more than 20% in 2024 amid monetary easing hopes and massive central bank purchases. The latest and current escalations and conflicts in the Middle East, Russia, and Ukraine contributed as well in gold’s increasing demands.
Gold alloys set a record of $2,500.16 per ounce on Friday as it increased by 1.8%, surpassing last month’s record high set last month. (Shutterstock)
Bob Haberkorn, Senior Market Strategist at RJO Futures, said: “It is another indicator that a recession’s on its way. The Fed will cut rates and go further than what was expected before.”
The amount of interest rate cuts done by the US Federal Reserve is still debatable as the state of the US economy is still vague. Spot gold increased by 1.3% to $2,489.59 an ounce, silver and palladium were slightly changed, while platinum declined.
