And it was gold It hit its previous high of $2,622 last week, after the US interest rate cut decision, and it also received support from rising tensions in the Middle East.
Gold prices also received support from the US Federal Reserve’s decision to cut the federal funds rate by 50 basis points last Wednesday. The Fed expects another half-point cut by the end of the year, a full point next year and an additional half-point in 2026.
US investment banks expect gold to maintain its gains this year, especially with two more Federal Reserve meetings remaining, and expectations of another interest rate cut before 2025.
