Gold surged to an all-time high on Monday (September 22nd), driven by growing expectations of further US interest rate cuts and continued safe-haven demand amid political uncertainty.
Investors are eyeing an upcoming Federal Reserve speech and key inflation data for the latest policy signals. Spot gold prices rose 1.4% to a new record high of $3,735.40 per ounce, as of 11:51 a.m. ET (1551 GMT). US gold futures for December delivery rose 1.7% to $3,768.70.
"Safe-haven demand continues to flow amidst still-uncertain geopolitical issues, including the Russia-Ukraine war. The Fed's rate cut last week and the possibility of another Fed rate cut later in the year," also supported prices, said Jim Wyckoff, senior analyst at Kitco Metals.
The Russian Defense Ministry said on Monday that its troops had captured the settlement of Kalynivske, in the Dnipropetrovsk region of Ukraine.
The US Federal Reserve cut interest rates by 25 basis points last week—the first cut since December—and signaled a willingness to ease further, citing a weakening labor market.
Investors are scrutinizing a series of Fed speeches this week, including remarks from Chairman Jerome Powell on Tuesday, for fresh signals on the direction of the central bank's monetary policy. Friday's US core personal consumption expenditures price data is also in focus.
Meanwhile, after the usual seasonal decline in UK gold purchases, central bank demand has recovered to 63 tonnes, matching the post-2022 average and adding to bullish sentiment, Societe Generale said in a note on Monday.
Spot silver rose 1.7% to $43.83 an ounce, its highest level in more than 14 years. Platinum rose 0.8% to $1,398.94, and palladium edged up 2.5% to $1,177.61.
"Silver may still find new upward momentum as investors shift their attention beyond record-high gold prices. With the gold-silver ratio currently around 86, still above the five-year average of 82, silver may still have more room to catch up with its more popular precious metal cousins," said Han Tan, chief market analyst at Nemo Money. (alg)
Source: Reuters
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