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Gold Price Notches Another Record High Ahead of Fed Meeting
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Gold price notched another record high as the market anticipated a rate cut by the Federal Reserve this week. The decline in the USD Index to a more than seven-week low also underpinned the ascension in gold prices. Spot gold touched as high as US$3,689.37 per ounce this morning (16th) and last printed at US$3,679.97, while gold futures for December delivery were at US$3,719.4. Gold price has surged over 40% so far this year, outpacing major assets like the S&P 500 Index. Ongoing trade and geopolitical uncertainties, central banks purchasing gold, and capital inflows into gold ETFs further fortified the upward momentum of gold price. AASTOCKS Financial News Website: www.aastocks.com |
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