XAU/USD hits record high $2,685 on Fed cut bets and geopolitical risks
Gold futures have surged to an all-time high of $2,685 per ounce, gaining 1.8% ($47) as Federal Reserve rate cut expectations intensify amid rising geopolitical tensions. The precious metal's rally accelerated following weak US employment data, with markets now pricing in a 90% chance of a September rate cut. Heightened geopolitical risks in the Middle East and Eastern Europe have bolstered gold's safe-haven appeal, driving institutional inflows into gold ETFs. The EUR/USD pair has climbed to 1.1125 while AUD/USD reached 0.6780, both benefiting from broad dollar weakness. Technical analysis shows gold breaking through key resistance at $2,650, with next targets at $2,700 and $2,725. The combination of lower real yields, persistent inflation concerns, and geopolitical uncertainty suggests continued support for gold prices, making dips potential buying opportunities for traders.
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XAUUSD
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