XAUUSD : Continue to confirm new records.
Gold surged past $2,710 per ounce on Friday, hitting a new record high. This rise was driven by increased demand for safe-haven assets and expectations of further interest rate cuts by major central banks.
The European Central Bank (ECB) cut interest rates for the third time this year, lowering the deposit rate to 3.25%. This move, aimed at combating deflation, made non-yielding assets like gold more attractive.
Geopolitical tensions also played a role, as the death of Yahya Sinwar, a key Hamas leader, heightened concerns of conflict escalation in the Middle East. Additionally, investor disappointment with China's weak fiscal measures for its real estate crisis and uncertainties surrounding the upcoming U.S. presidential election pushed more money into gold.
The European Central Bank (ECB) cut interest rates for the third time this year, lowering the deposit rate to 3.25%. This move, aimed at combating deflation, made non-yielding assets like gold more attractive.
Geopolitical tensions also played a role, as the death of Yahya Sinwar, a key Hamas leader, heightened concerns of conflict escalation in the Middle East. Additionally, investor disappointment with China's weak fiscal measures for its real estate crisis and uncertainties surrounding the upcoming U.S. presidential election pushed more money into gold.
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