Surging Again, Gold Hits a Record of $3,719.91 Per Troy Ounce!

The price of Gold (XAUUSD) surged at the beginning of the European trading session, breaking its all-time high at $3,719 per troy ounce. Compared to the closing price on Friday, Gold increased by over $35 or 350 pips.

Gold started to rise again since last Friday after two consecutive days of decline. The price had dropped after the Federal Reserve indicated last week that there would only be one rate cut next year.

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For this year, the Fed anticipates two more cuts in interest rates, expected in October and December, after reducing by 25 basis points (0.25%) to a range of 4%-4.25% last week; this projection aligns with market expectations.

Market participants are currently reassessing the Fed’s future actions. The price of Gold may continue to rise as traders believe that if the labor market worsens further and inflation does not see significant spikes, there is a possibility that the Fed may lower interest rates more than once next year.