00:00Gold is on a tear. Prices soared past $3,500 an ounce on Tuesday. The rally is fueled by a weaker dollar. In growing bets, the Fed will cut interest rates in September, with traders pricing in a 90% chance of a quarter-point cut, according to the CME FedWatch tool.
00:17Gold is up more than 30% so far this year, its strongest run in over a decade. Analysts cite central bank buying, global uncertainty, and a weak dollar as key drivers. Gold is also viewed as a safe haven during times of instability, and worries are growing that President Trump's attacks on the Fed could undermine its independence. Some analysts expect the rally to continue. Bank of America is targeting $4,000 an ounce in the short to medium term.
00:44Markets elsewhere are moving too. Stocks are hovering near record levels, with the S&P 500 just 2% away from all-time highs. Meanwhile, Bitcoin has slipped 11% from its recent peak.
00:57That'll do it for your daily briefing. From the New York Stock Exchange, I'm Caroline Woods with The Street.
Be the first to comment