Gold Breaks Record High for 4th Straight Session
Gold hit a record high for a fourth straight session on Thursday, supported by safe-haven inflows amid US-China trade tensions and the US government shutdown, while speculation of a Fed rate cut added fuel.
Latest price (09:40 ET / 13:10 GMT):
Spot Gold: $4,262.30/oz (+0.8%) after hitting an all-time high of $4,265.81.
The risk-off narrative is gaining strength: trade tensions are heating up & US economic data is being held back by the shutdown.
Rate cut expectations: markets are pricing in a 25 bps cut in October, followed by December.
A fragile dollar is keeping gold's bullish momentum intact.
The Big Story & Outlook
Since the start of the year, gold has gained more than 60% thanks to a combination of geopolitics, the prospect of monetary easing, central bank buying, dedollarization, and ETF flows. OANDA analyst Zain Vawda believes worsening US-China relations have the potential to be a catalyst towards $5,000/oz. Meanwhile, HSBC raised its 2025 average gold price projection to $3,355/oz, citing safe-haven demand, economic uncertainty, and a weakening dollar. With interest rates trending downward, a short-term pullback is expected to present a buy-the-dip opportunity for bulls.
Source: Newsmaker.id
