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In a remarkable turn of events, gold prices have exploded to unprecedented levels, setting new record highs both in intraday trading and at market close. The December gold futures contract reached a staggering intraday high of $2,570.40, with the contract ultimately closing at $2,552.10, reflecting a gain of $9.50 or 0.37% on the day. This marks the fourth consecutive occasion since April 2023 that gold prices have surpassed their previous record highs.
During his press conference on July 31st, Chairman Powell signaled that a 25-basis point rate cut was highly likely at the September FOMC meeting, though he tempered expectations for a more aggressive 50-basis point cut. This sentiment could be further echoed by Atlanta Federal Reserve Bank President Raphael Bostic, who is set to participate in a"fireside chat" later today.
Importantly, the latest economic data suggests that inflation is on a downward trajectory, aligning with the Federal Reserve's target of 2%. This has led to a significant shift in market expectations, with investors closely monitoring for signs of a major monetary policy pivot. This belief is echoed by a majority of economists polled by Reuters News, who anticipate that the Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings this year. The impending policy shift from highly restrictive to highly accommodative is poised to have far-reaching implications for the broader financial markets, with gold prices at the forefront of this dynamic transition.
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