Gold hit a new record on Tuesday – in the afternoon the price broke the $2,470. per ounce barrier. Approx. At 6:00 p.m., gold prices remained at $2,468. per ounce, the highest ever.
Investors are expecting two interest rate cuts in the US this year – which would traditionally be good for gold.
The precious metal has risen nearly 20 percent since the start of the year, supported by expectations of interest rate cuts by the Federal Reserve and large purchases by central banks. Continued geopolitical tensions are also supporting the precious metal, which is traditionally seen as a safe haven asset.
Federal Reserve Chairman Jerome Powell said Monday that the latest data confirms that inflation is trending down.
Investors look to Trump
Meanwhile, Donald Trump’s candidacy has gained momentum after the assassination attempt over the weekend, Bloomberg reported.
A Trump presidency could have both positive and negative effects on gold, said Giovanni Staunovo, a commodities analyst at UBS Group AG, quoted by Bloomberg. He said it could lead to “tax cuts, support a shift to equities and ultimately limit faster interest rate cuts.”
On the other hand, he said that tax cuts would worsen the US fiscal balance, which could weaken the dollar and push buyers towards safe-haven assets such as gold.
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