Gold Climbs as Markets Await Fed Meeting Outcome
As expectations that the Central Bank will lower rates of interest continue to grow, the price of gold continues to surge, boosted by inflows into ETFs backed by gold. Data shows that collectively, about 17 metric tons of gold have been added to bullion-backed ETF holdings in the last week, underscoring resilient investor demand. The precious metal saw its price rise by roughly 1.7% to hit $3650 an ounce last week. This movement is largely explained by gold’s tendency to appreciate in environments where interest rates are lower or expected to decline. The rally in precious metals isn’t limited to…