• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates

by July 17, 2024
written by July 17, 2024

Gold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion.

Gold futures advanced 1.7% to $2,471.1, topping the previous high of $2,454.20 reached May 20.

Spot gold jumped 1.8% to $2,465.95 during the session, which is an all-time high according to LSEG data going back to 1968 that has not been adjusted for inflation.

Gold prices hit all-time highs earlier this year before pulling back as the prospect of higher-for-longer interest rates dampened investor enthusiasm for the precious metal. But interest in the asset has grown after June’s softer inflation data and some recently dovish comments from Federal Reserve Chair Jerome Powell combined to raise the odds of rate cuts coming this year. Markets are pricing in 100% odds of a rate cut in September now, according to futures trading tracked by the CME FedWatch tool.

A weakening dollar has also supported demand for bullion. On Tuesday, the U.S. greenback rebounded after falling to a five-week low.

“Interest to ‘buy-the-dip’ remained prevalent among investors amid strong sentiment towards gold, which is likely why the market was quick to rally on soft U.S. data prints and dovish Fed expectations,” UBS’ strategist Joni Teves said in a note on Friday.

“With the market sitting just above the psychological $2400 level, we think risks are skewed to the upside,” Teves continued. “We think positioning remains lean and there’s space for investors to build gold exposure.”

Gold rallied to record highs in the first half of 2024 on the back of a multi-year spike in demand from central banks around the world, as mounting global geopolitical risks boosted interest in the safe haven asset. According to UBS, central bank buying of bullion is the highest it’s been since the late 1960s.

“With some central banks now questioning the safety of holding USD- and EUR-denominated assets (following the financial and debt crises and more recently the war in Ukraine), many are choosing to instead fill their reserves with gold,” read a note last month from UBS.

Gold mining stocks also advanced on Tuesday. The VanEck Gold Miners ETF gained 3%, on pace for a fifth winning day in six. The U.S.-listed shares of Harmony Gold and Gold Fields rose 16% and 6%, respectively.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Biden says his mental acuity is ‘pretty damn good,’ despite polls showing majority of Americans disagreeing
next post
65% of Democrats say Biden should drop out after debate disaster, poll finds

related articles

Cracker Barrel shares plummet after pushback on new...

August 22, 2025

Walmart boosts sales outlook as it says tariff...

August 21, 2025

How a ship that glides like a pelican...

August 21, 2025

Apple just landed a key win for the...

August 20, 2025

Best Buy launches third-party marketplace as it looks...

August 19, 2025

Group accused of using fake accounts to buy...

August 19, 2025

Playboy moving its headquarters to Miami Beach and...

August 17, 2025

Lyft co-founders to step down from ride-hailing firm’s...

August 16, 2025

Warren Buffett’s Berkshire Hathaway reveals new stake in...

August 16, 2025

Apple Watch getting redesigned blood oxygen feature following...

August 15, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • What was in the brown bags handed to Israeli hostages released by Hamas?

    January 21, 2025
  • Tesla robots visit Capitol Hill amid anti-DOGE protests, attacks on Elon Musk’s dealerships

    March 27, 2025
  • Heritage chief mum on House Dems’ demand for a meeting as left digs in on Project 2025

    August 8, 2024
  • Vance in ‘catbird seat’ for 2028 GOP presidential nomination, but these Republicans may also run

    November 12, 2024
  • Comer subpoenas the Clintons, Trump’s DOJ in House Oversight’s Epstein probe

    August 5, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,786)
  • Investing (634)
  • Stock (894)

Latest Posts

  • Biden-era policy indirectly paying for unaccompanied minors’ abortions rescinded by Trump DOJ

    July 17, 2025
  • Liz Cheney bashes Trump in new key battleground Harris ad as election hits final sprint

    October 29, 2024
  • Trumps takes jab at Biden over ‘autopen signature’ following concerning report over who ran the White House

    March 17, 2025

Recent Posts

  • Long ALG: double bottom breakout confirms bullish momentum, targeting higher resistance levels

    March 19, 2025
  • Gold and silver: the price of gold successfully tested $2400

    July 15, 2024
  • DOJ settles with former FBI officials over release of anti-Trump texts

    July 27, 2024

Editor’s Pick

  • Dow Jones drops, S&P flat on Fed uncertainty; Maplebear Rallies, Exxon and Shell slump

    January 9, 2025
  • Apple’s iPhone discounts fail to boost market share in China: What’s next for the tech giant?

    July 25, 2024
  • SCOOP: House fiscal hawks warily accept Senate’s $9B Trump spending cuts package

    July 17, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock