Gold Soars to Record Highs on Fed Rate-Cut Optimism

Gold prices hit a new record high, driven by expectations of a Federal Reserve interest rate cut in September following comments from Fed Chair Jerome Powell. Spot gold prices rose to $2,482.29 per ounce, with futures also climbing. The optimism stems from signs of slowing inflation and weak economic data, making gold more appealing compared to fixed-income assets. The metal's appeal as a safe-haven asset amid global tensions and central bank purchases has also contributed to its rise. Analysts predict prices could exceed $2,500 per ounce by year-end.