Will Gold Continue to Break Records Today?
The global gold price has once again made history, breaking a new record high of US$3,546 per ounce in trading on Wednesday (September 3) morning. This surge was triggered by growing expectations of a Federal Reserve (The Fed) interest rate cut, a weakening US dollar, and a surge in investor funds flowing into safe-haven assets.
The market believes the US central bank is highly likely to cut interest rates at its September meeting. A looser monetary policy has weakened the US dollar and increased gold's appeal as a hedge. President Donald Trump's pressure on the Federal Reserve and escalating global geopolitical tensions have prompted investors to shift their portfolios to safe-haven instruments like gold. Central banks in developing countries, including India, China, and Turkey, have significantly increased their gold reserves as a means of asset diversification.
The gold price at the time of writing was $3,537/Toz.
- Buy if the price moves within the $3,542 range
- Sell if the price moves within the $3,532 range
Resistance 2: $3,560
Resistance 1: $3,546
Support 1: $3,525
Support 2: $3,518
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
