Gold Rides on Rate Cut, Inflation Fears to Reach New Record High
At the start of this week, the price of gold surged to a new high driven by increasing expectations of further reductions in U.S. rates of interest and growing geopolitical tensions. Gold futures hit $3,787.80 an ounce while the metal’s spot price increased to $3,750.45 a troy ounce. During periods of uncertainty, investors often turn to precious metals like gold as safe haven assets due to their historical ability to preserve value and hedge against market volatility and inflation. Given the current environment, what with Russia’s invasion of Ukraine, Israel’s sustained assault on Gaza and mounting inflationary concerns, it comes…