Gold Hits Record High Amid Anticipating Fed Rate Cuts
(MENAFN) The price of gold increased by 0.22% on Tuesday, reaching a record peak of $3,755 as of 0730GMT Tuesday.
Over the past 12 months, gold has fluctuated between $2,536.91 and $3,755, marking a gain of 42.8%.
Investor expectations of additional interest rate reductions from the Federal Reserve have significantly influenced commodity values, particularly gold.
Following the insistence of US President Donald Trump, the Fed reduced its policy rate by 25 basis points last week.
Markets anticipate further rate cuts during the Fed's October and December meetings.
Weak inflation statistics, rising unemployment figures, and pressure from Trump have collectively prompted the Fed to lower interest rates.
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