©(Photo by DAVID GRAY / AFP)
Gold prices set a new record on Friday, surpassing $2,609, driven by the prospect of further US interest rate cuts boosting demand for the precious metal.
The price of gold surged to $2,609.74 per ounce just two days after the US Federal Reserve made a significant rate cut for the first time since 2020, indicating that more reductions are likely.
The yellow metal had already reached a high on September 13, encouraged by the anticipated rate cuts and a weakening dollar, as it had also done in August.
A safe-haven asset rivaling the dollar and bond yields, gold benefits from the depreciation of these assets.
The US Federal Reserve began its monetary easing cycle on Wednesday with an initial rate cut of half a percentage point.
With AFP
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