Weakening Dollar, Fed Rate Cut Expectations Boost Gold Prices
The start of this week saw the price of gold surge to a new high, bolstered by a weakening dollar and increasing expectations of rate cuts by the Fed. The precious metal’s price hit $4,241.27 an ounce, its highest level since October. Gold futures for February also rose to $4,274.80 an ounce. Silver also saw its price increase, hitting $58.57 an ounce and marking a more than 100% increase in its price. Analysts note that both metals have been buoyed by the same macroeconomic forces shaping investor expectations. At the same time, the greenback dipped to a 2-week low, which…