• 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

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025

Trump says U.S. will impose new tariffs on...

September 29, 2025

Former Fed chairs warn that removing Lisa Cook...

September 27, 2025

Amazon to pay $2.5 billion to settle FTC...

September 27, 2025

The charm of watching movies in theaters is...

September 25, 2025

Ben & Jerry’s co-founder resigns, claiming parent company...

September 18, 2025

LimeWire acquires Fyre Festival, asking ‘What Could Possibly...

September 17, 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

  • Trump, Harris in dead heat in poll of 7 critical battleground states

    August 9, 2024
  • Elon Musk quietly donates ‘very substantial’ amount to PAC to canvass Hispanic voters

    October 22, 2024
  • GOP Rep. Mike Waltz tapped to be Trump’s national security adviser

    November 12, 2024
  • Vance, Trump Jr.’s plans to bolster Charlie Kirk’s ‘political legacy’ revealed: ‘Help grow it’

    September 30, 2025
  • Romania blocks frontrunner from postponed presidential race

    March 10, 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 (6,247)
  • Investing (634)
  • Stock (935)

Latest Posts

  • RFK Jr. tapped to lead Department of Health and Human Services

    November 14, 2024
  • Israel kills Hamas commander who led heinous Oct. 7 attack on Kibbutz Nir Oz killed in drone attack: IDF

    January 1, 2025
  • Scoop: Trump HHS secretary nominee RFK Jr to stress he’s not ‘anti-vaccine’ at confirmation hearing

    January 29, 2025

Recent Posts

  • ‘DOGE caucus is dead,’ House Democrat declares

    May 14, 2025
  • US airstrikes leave a mark on Iran’s nuclear sites, Maxar satellite images reveal

    June 25, 2025
  • Biden team reportedly considering preemptive pardons for Fauci, Schiff, other Trump ‘targets’

    December 5, 2024

Editor’s Pick

  • ‘Squad’ Dems line up behind Kamala Harris to replace Biden

    July 21, 2024
  • Biden’s Meta ‘censorship’ revelations ‘vindicated’ Alito dissent in RFK Jr case

    January 16, 2025
  • Trump believes Israel’s strike on Iran could improve chances for nuclear deal: report

    June 13, 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