Global gold prices strengthened on Friday (September 12th), with the last price recorded at $3,648 per ounce. This strengthening was driven by growing expectations of an interest rate cut by the Federal Reserve next week, after US labor market data showed weakening and slowing producer inflation. This condition strengthens gold's appeal as a hedge against global monetary policy uncertainty.
In addition to the Fed, geopolitical tensions in the Middle East and Europe have also increased demand for gold as a safe haven. Investors also view the still-high global risks, from the Israel-Qatar conflict to Russian drone attacks in Eastern Europe, as additional catalysts for the gold price rally. With this sentiment, the opportunity for gold to retest its record level above $3,670 remains wide open in the short term.
Source: Newsmaker.id
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