Gold prices hit a new record on Tuesday (September 9), driven by a weakening dollar and falling bond yields amid growing speculation of a Fed interest rate cut this month. Spot gold rose 0.4% to $3,651.38 per ounce, while December futures rose to $3,690.90.
The market now rates an 89.4% chance of a 25 bps interest rate cut next week, and a 10.6% chance of a 50 bps rate cut, according to CME FedWatch. Weak US labor data and a surge in the unemployment rate are the main drivers of these expectations.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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