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Gold Prices Hit All-Time Highs Of $2,500 As Traders Jump On Rate-Cut Train: Mining Stocks On The Move Friday

Benzinga ·  Aug 16 10:59

Gold prices surged to record highs above $2,490 per ounce on Friday, rising more than 1.7% at 9:50 a.m. EST. A weakening U.S. dollar and declining Treasury yields fueled the rally.

  • The U.S. dollar index (DXY), as tracked by theInvesco DB USD Index Bullish Fund ETF(NYSE:UUP), dropped 0.4%
  • The greenback is down nearly 1% against the Japanese yen.
  • Treasury yields softened, with the 2-year yield decreasing by 4 basis points to 4.05%
  • The 10-year yield edged down by 2 basis points to 3.89%.
  • Year-to-date, gold is up 21%, setting the stage for its strongest annual performance since 2020 when it gained 25%.

The rise...

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