Gram gold โขHits Record โฃHigh as Fed โคRate โCutโค Bets Surge
News Center
Date ofโ Creation: September 5, 2024 08:19
ISTANBUL – Gram โขgold surged to a new record high today, โbreaking 4723 TL, as mounting expectations of โคa US Federal Reserve interest rate cut in September fuel investor โdemand. Spot gold is alsoโค trading near record levels,poised to close out its strongest week in three months.
Spot gold rose 0.4 percent to $3,559.88 per ounce, nearing โฃits all-time high of $3,578.50โข reached โon Wednesday. The precious metal has gained 3.25 percent this week, 5.8 percent in the โคlast month, โand a remarkableโค 35.6 percent year-to-date.
The rally follows the release of yesterday’s US non-agricultural employment report, โwhich indicated a softening labor market. Data revealed increasing unemployment โขapplications and a weaker-than-expected โriseโค in special employment, bolstering expectationsโค for monetary policy easing.
Fed officials, including Vice President Christopher Waller,โค have signaledโค support for loosening monetary policy. According to โฃCME Fedwatch, there is now nearly a 100 percent probability of a โ25-basisโฃ pointโฃ rate โcut โฃat the Fed’sโข September 17 meeting.
“the dataโ clearly suggests the labor market โis โขcooling, increasing theโ likelihood of the Fed movingโข to lower rates โคnextโ month,” said a market analyst.
Other โprecious metals alsoโค benefited from the risk-on sentiment. โฃSilver increased by 0.4 percentโ to $40.85, marking its third โขconsecutive weekโค of gains. Platinum rose 1.3 percent toโ $1,385.01, while palladium gained 0.3 percent to โฃ$1,129.
Tradersโ remain cautious ahead of upcoming payrollโ data, which will provide further insight into the US labor market and possibly influenceโ future interest rate decisions. Investors are closelyโ monitoring these developments as theyโฃ navigate the evolving economic โฃlandscape.