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Gold has reached above $2,700!

Gold has reached above $2,700!

 

  • Gold hits record high over $2,700 per ounce
     
  • ECB cuts rates for the third time this year
     
  • Middle East tensions rise
     
  • Investors flee riskier assets amid China's crisis
     
  • Strong US data curbs gold's upward momentum

 

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Gold surged past $2,700 per ounce on Friday, achieving a new all-time high, fueled by a global appetite for safe-haven investments and anticipations of additional interest rate reductions from leading central banks.

The European Central Bank implemented its third rate cut of the year, reducing the deposit rate to 3.25% as anticipated, while affirming that the disinflationary trend is "well on track."

The precious metal also gained traction amid escalating tensions in the Middle East, particularly after the recent Israeli military operation, heightening concerns of regional instability.

Furthermore, gold prices rose as investors moved away from more volatile assets, prompted by disappointing fiscal responses in China regarding the ongoing property crisis and uncertainties related to the upcoming US presidential election.

However, robust economic indicators from the United States tempered gold's upward trajectory, bolstering arguments for a less accommodative approach from the Federal Reserve.
 

Overall, the combination of geopolitical unrest and central bank policies continues to shape the dynamics of the gold market.

 

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