Gold Price Hits Record $3,719.95 as Demand Surges
Gold prices hit an all-time high on Monday, September 22, with the precious metal reaching $3,719.95 per troy ounce. This significant milestone follows a week of strong demand and a mid-month interest rate cut by the US Federal Reserve.
The gold price surged by approximately $34 from Friday, September 19, to reach this record high. This appreciation is part of a broader trend of strengthening demand for gold in recent weeks. Notably, the gold price also set a new record in euros, reaching €3,166.98.
Experts weigh in on this bullish behaviour. Soni Kumari from ANZ Bank anticipates downward pressure on the gold price in the near term due to rising bond yields and a stronger US dollar. However, she also expects a more aggressive rate cut in the US, which could drive further price increases. This outlook aligns with the gold price's more than doubling over the past three years, a period marked by falling interest rates and escalating geopolitical risks.
The gold price's record high on September 22 reflects robust demand and market uncertainty. While near-term pressures are acknowledged, the long-term trajectory may remain bullish, given expectations of further rate cuts and the metal's traditional safe-haven status.
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