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Multiple institutions predict that the price of gold will reach a new record, aiming for the milestone of $3,000 per ounce.
Bullish gold market is targeting a record high gold price surge to focus on the milestone of $3000/ounce, driven by major central bank easing of mmf policy and the US presidential election. Due to geopolitical and economic uncertainties leading to safe-haven demand, as well as strong bids from central banks, spot gold touched a record high of $2572.81 per ounce on Friday, with a gain of over 24% so far this year, poised to deliver the strongest annual performance since 2020. With the approaching September 18th meeting of the Federal Reserve, the CME Group's FedWatch Tool shows that investors expect a 55% chance of a 25 basis point rate cut.
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jpmorgan stands its ground as traders reignite expectations of a 50 basis point rate cut by the Federal Reserve
US Treasury traders have once again increased their bets on a 50 basis point rate cut by the Federal Reserve next week, a scenario that was almost completely ruled out just a few days ago. On Friday, the probability of a 50 basis point rate cut climbed to 40%, up from only 4% earlier this week. This repricing has intensified the rally in US Treasury bonds, leading to the largest gain in small-cap stocks in three weeks and putting pressure on the US dollar. Earlier this week, the possibility of a 50 basis point rate cut was almost completely ruled out, but traders' views have rapidly changed due to a report on Thursday that indicated Fed policy makers are considering a conventional 25 basis point rate cut.
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