Gold (XAU/USD) is on a record-breaking spree, hitting yet another all-time high near $4,380 on Friday as investors seek a reliable store of value amid geopolitical, economic and fiscal uncertainty. At the time of writing, XAU/USD is trading around $4,292, easing from record highs and down nearly 0.80% on the day. Despite the pullback, the metal remains on track for its ninth consecutive weekly gain.
Lingering concerns over the prolonged US-China trade standoff remain a key driver behind Gold's recent surge as trade tensions continue to cast a shadow over global growth prospects. The rally drew additional fuel after United States (US) regional banking stress headlines grabbed investors' attention and stoked risk aversion, with the ongoing US government shutdown further dampening market sentiment.
Furthermore, traders are now fully pricing in back-to-back 25-basis-point interest rate cuts by the Federal Reserve (Fed) at its October and December monetary policy meetings, adding another layer of support to Bullion's record-breaking rally as lower interest rates enhance its appeal as a non-yielding asset.
Source: Fxstreet
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