Gold Steady at Record Highs
Gold held above $3,530 per ounce on Wednesday, hovering at record highs, supported by expectations of US monetary easing and a flight to safety amid broader political and economic risks.
Investors anticipate that the Federal Reserve may lower rates this month after Chair Jerome Powell cautiously signaled the possibility of a cut. Attention now turns to Friday’s key US jobs report for further clues on the likelihood of easing in September. Meanwhile, President Trump’s disputes with the Fed—including actions against Governor Lisa Cook—have raised concerns about the central bank’s independence.
Gold has also benefited from tariff-related uncertainty, as Trump said his administration would seek an expedited Supreme Court ruling to overturn a federal court decision declaring many of his tariffs illegal. Diversification away from the US dollar, along with broader budget concerns that have pressured equity and bond markets, has also reinforced demand for safe assets like gold.
Source: Trading Economics
