Gold price today decreases or continues to increase!
Today, gold continued its upward trend, marking the third day of recovery with trading levels around $2430 at the start of Tuesday’s session. Previously, the precious metal had reached a new all-time high, soaring to $2,449.8 per ounce, driven by signs of slowing inflation in the U.S., which raised expectations that the Federal Reserve (Fed) might soon cut interest rates.
The main catalyst for gold’s strong surge at the beginning of the week was the weakening of the U.S. dollar and increasing expectations that the Fed would ease monetary policy. Data from the previous week indicated that inflation was cooling, and traders now estimate a 65% chance that the U.S. will reduce interest rates by September.
Besides persistent inflation, the burden of U.S. national debt also contributed to gold’s recovery. I expect that gold prices will approach $2,500 per ounce in the short term and continue to grow beyond that level in the long term.
The main catalyst for gold’s strong surge at the beginning of the week was the weakening of the U.S. dollar and increasing expectations that the Fed would ease monetary policy. Data from the previous week indicated that inflation was cooling, and traders now estimate a 65% chance that the U.S. will reduce interest rates by September.
Besides persistent inflation, the burden of U.S. national debt also contributed to gold’s recovery. I expect that gold prices will approach $2,500 per ounce in the short term and continue to grow beyond that level in the long term.
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