Gold prices reach historic high amid anticipated Fed rate cuts
(MENAFN) Gold prices climbed to unprecedented levels on Monday, rising 0.7% to reach $3,719.95 as of 0630 GMT, fueled by expectations that the US Federal Reserve will continue reducing interest rates.
Over the past year, gold has fluctuated between $2,536.91 and $3,719.95, recording an impressive 40.7% increase during that period.
The Fed lowered its benchmark rate by 25 basis points last week, a move widely seen as influenced by President Donald Trump’s persistent calls for monetary easing.
Looking ahead, markets anticipate additional cuts during the Fed’s meetings scheduled for October and December.
Analysts point to soft inflation data, a rise in unemployment figures, and ongoing political pressure as key factors driving expectations for further reductions in borrowing costs.
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