The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
The gold market has been on a remarkable run, with prices soaring to unprecedented levels in recent days. On Tuesday, gold futures for the most actively traded December contract closed at a record high of $2,552.10 per ounce, up $9.50 from the previous session. Despite a slight pullback of $1.90 on Wednesday, gold is holding firmly above the key $2,520 support level, suggesting the metal has found a stable footing at these lofty heights.
As the dollar has weakened, the allure of gold as a safe-haven asset and store of value has only grown stronger. The CME's FedWatch tool is currently pricing in a 64.5% probability that the Fed will implement a 25-basis-point rate cut in September, with a 35.5% chance of a more aggressive 50-basis-point reduction. Consensus among economists polled by Reuters News is that the Fed will cut rates by 25 basis points at each of the three remaining policy meetings this year.
Retail investors have also demonstrated a growing appetite for gold, further bolstering the metal's price. The combination of these factors has created a self-reinforcing cycle of ever-increasing and stable demand, underpinning gold's historic ascent. has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of"The Gold Forecast," a daily video newsletter.
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