Gold Sets A New Record As Prices Rise Higher

BenzingaSep 13 09:44 ET

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%.

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FXStreetSep 13 11:49 ET

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.

wallstreetcnSep 13 11:41 ET

Breaking through 2580! The market is experiencing a "golden tsunami", and the expectation of interest rate cuts is the strongest driving force.

①Spot gold prices strengthened by more than $20 in the short term, hitting a high of $2583.36 per ounce, setting a new historical high; ②Traders have raised the probability of the Federal Reserve cutting interest rates by 50 basis points next week from 14% yesterday to 41%. Former New York Fed President Dudley said during the day, "The reasons for cutting 50 basis points are very sufficient."

cls.cnSep 13 11:07 ET