Stock Chart Icon<\/title>Stock chart icon<\/desc><\/path><\/path><\/path><\/path><\/path><\/g><\/svg><\/p>\n
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Gold futures, 5 years<\/p>\n<\/div>\n
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A weakening dollar has also supported demand for bullion. On Tuesday, the U.S. greenback rebounded after falling to a five-week low.<\/a><\/p>\n
“Interest to ‘buy-the-dip’ remained prevalent\u00a0among investors amid strong sentiment towards gold, which is likely why the market\u00a0was quick to rally on soft U.S. data prints and dovish Fed expectations,” UBS’ strategist Joni Teves said in a note on Friday.<\/p>\n
“With the market\u00a0sitting just above the psychological $2400 level, we think risks are skewed to the upside,” Teves continued. “We think positioning remains lean and there’s space for investors to build gold exposure.”<\/p>\n
Gold rallied to record highs in the first half of 2024 on the back of a multi-year spike in demand from central banks around the world, as mounting global geopolitical risks boosted interest in the safe haven asset. According to UBS, central bank buying of bullion is the highest it’s been since the late 1960s.<\/p>\n
“With some central banks now questioning the safety of holding USD- and EUR-denominated assets (following the financial and debt crises and more recently the war in Ukraine), many are choosing to instead fill their reserves with gold,” read a note last month from UBS.<\/p>\n
Gold mining stocks also advanced on Tuesday. The VanEck Gold Miners ETF<\/a><\/span><\/span><\/span> gained 3%, on pace for a fifth winning day in six. The U.S.-listed shares of Harmony Gold<\/a> and Gold Fields<\/a><\/span><\/span><\/span> rose 16% and 6%, respectively.<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.\u00a0 Chalinee Thirasupa | Bloomberg | Getty Images Gold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion. Gold futures advanced 1.5% to $2,465.30, topping…<\/p>\n","protected":false},"author":1,"featured_media":83362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-83361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeworld24.com\/gold-jumps-to-record-above-2460-an-ounce-on-hopes-fed-will-soon-cut-rates\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates -\" \/>\n<meta property=\"og:description\" content=\"An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.\u00a0 Chalinee Thirasupa | Bloomberg | Getty Images Gold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion. 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A weakening dollar has also supported demand for bullion. On Tuesday, the U.S. greenback rebounded after falling to a five-week low.<\/a><\/p>\n