Golden industrial concept continues to rebound, gold breaks through $2600 to reach a new high since listing, institutions believe sector valuation repair is expected.
Golden industrial concept continues to rebound. As of the time of publication, Chi Silver Gp rose by 3.51%; SD Gold rose by 3.03%; Chinagoldintl rose by 2.34%; Zijin Mining Group rose by 0.69%.
Gold's an 'All-Weather Hedge Against Whatever Happens Next' as Fed Decision Nears
On the eve of the September interest rate meeting, a report ignited expectations of a 50 basis point interest rate cut, causing stocks, gold, and bitcoin to all rise.
"New Federal Reserve Communications Agency" article stated that Federal Reserve officials are considering whether to cut 25 or 50 basis points. Futures linked to the Federal Reserve's policy rate indicate that traders on Friday expect the probability of a 50 basis point rate cut by the Federal Reserve to rise to 47%, with a close to 50/50 chance, while the probability estimated on Thursday was only 28%.
Gold: Final Test Before Takeoff? [Video]
Gold Is Going Higher [Video]
Gold hits a new high, is it trading on the US election cycle? CitiBank: Expected to reach $3000 next year!
The spot gold price has reached new highs in recent days, with prices breaking through $2,580 per ounce in early trading on Friday, and New York gold futures surpassing $2,600 per ounce, both reaching historical highs. Spot gold is expected to have its best performance since 2020, with a year-to-date increase of over 24%. Citibank analysts say that due to the loose monetary policies of major central banks and the tense situation of the US presidential election, the price of gold is expected to reach $3,000 next year. Data shows that gold prices have soared during the terms of the recent several US presidents, starting from the time the new president takes office.
