Analyst says $2,500 range is next immediate target
BANGALURU/SINGAPORE – Gold prices jumped to an all-time peak on Wednesday, driven by mounting hopes of a US interest rate cut in September after recent comments from Federal Reserve officials.
"Gold reached a new high watermark as investors position for the arrival of a lower interest rate environment. The $2,500 is the next immediate target, though if the current momentum can be sustained, we could be looking at prices further north from here before year-end," said Tim Waterer, KCM Trade's chief market analyst.
Markets are expecting a rate cut of at least 25 basis points by the Fed at September meeting. The allure of non-yielding bullion tends to be higher when interest rates are reduced. Fed Governor Adriana Kugler on Tuesday also expressed cautious optimism that inflation is returning to the US central bank's 2pc target.
US Interest Rate Cuts Federal Reserve Jerome Powell
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