Gold Hits New Record: Will the Fed Break Rates?

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Gold has now surpassed its previous record high of $2,570 an ounce, supported by strong expectations of a Fed rate cut. However, higher-than-expected US consumer price data has reduced the likelihood of a 50 basis point rate cut this month, although the market still expects a 100 basis point cut by the end of the year. Gold is considered a “safe haven” amid the current uncertainty, and if the Fed does cut rates as expected, gold prices could continue to rise.