The Trust Nest
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    Popular Topics
    • Trump’s tariff strategy could pay for his tax bill, but only if they stick, experts warn
    • Trump not interested in talking to Musk: ‘Elon’s totally lost it’
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring
    • Claim Trump nixed top Musk ally from NASA post over Dem donations belied by ex-Dems on team
    • House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting
    The Trust Nest
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Stock

    Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates

    • July 17, 2024

    Gold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion.

    Gold futures advanced 1.7% to $2,471.1, topping the previous high of $2,454.20 reached May 20.

    Spot gold jumped 1.8% to $2,465.95 during the session, which is an all-time high according to LSEG data going back to 1968 that has not been adjusted for inflation.

    Gold prices hit all-time highs earlier this year before pulling back as the prospect of higher-for-longer interest rates dampened investor enthusiasm for the precious metal. But interest in the asset has grown after June’s softer inflation data and some recently dovish comments from Federal Reserve Chair Jerome Powell combined to raise the odds of rate cuts coming this year. Markets are pricing in 100% odds of a rate cut in September now, according to futures trading tracked by the CME FedWatch tool.

    A weakening dollar has also supported demand for bullion. On Tuesday, the U.S. greenback rebounded after falling to a five-week low.

    “Interest to ‘buy-the-dip’ remained prevalent among investors amid strong sentiment towards gold, which is likely why the market was quick to rally on soft U.S. data prints and dovish Fed expectations,” UBS’ strategist Joni Teves said in a note on Friday.

    “With the market sitting just above the psychological $2400 level, we think risks are skewed to the upside,” Teves continued. “We think positioning remains lean and there’s space for investors to build gold exposure.”

    Gold rallied to record highs in the first half of 2024 on the back of a multi-year spike in demand from central banks around the world, as mounting global geopolitical risks boosted interest in the safe haven asset. According to UBS, central bank buying of bullion is the highest it’s been since the late 1960s.

    “With some central banks now questioning the safety of holding USD- and EUR-denominated assets (following the financial and debt crises and more recently the war in Ukraine), many are choosing to instead fill their reserves with gold,” read a note last month from UBS.

    Gold mining stocks also advanced on Tuesday. The VanEck Gold Miners ETF gained 3%, on pace for a fifth winning day in six. The U.S.-listed shares of Harmony Gold and Gold Fields rose 16% and 6%, respectively.

    This post appeared first on NBC NEWS

    Previous Article
    • Stock

    Fed Governor Christopher Waller sees central bank ‘getting closer’ to an interest rate cut

    • July 17, 2024
    View Post
    Next Article
    • Editor's Pick

    Most Americans support Supreme Court reforms

    • July 17, 2024
    View Post
    Enter Your Information Below To Receive Trading Ideas and Latest News

      Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
      Popular Topics
      • Trump’s tariff strategy could pay for his tax bill, but only if they stick, experts warn
      • Trump not interested in talking to Musk: ‘Elon’s totally lost it’
      • Procter & Gamble to cut 7,000 jobs as part of broader restructuring
      • Claim Trump nixed top Musk ally from NASA post over Dem donations belied by ex-Dems on team
      • House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks
      • About us
      • Contacts
      • Privacy Policy
      • Terms and Conditions
      • Email Whitelisting
      Copyright © 2025 thetrustnest.com | All Rights Reserved

      Input your search keywords and press Enter.