Gold price breaks $2,500 mark for the first time
Gold surged past $2,500 per ounce for the first time on Friday, influenced by geopolitical tensions and signs of a weakening U.S. economy. December gold futures peaked at $2,522.50 before settling at $2,475.90.
Spot gold slightly dipped 0.5% to $2,432.86, after nearing its all-time high of $2,483.73 earlier this month. This week's gains of about 3% mark the strongest since April, driven by investor demand for safe havens and anticipated rate cuts.
U.S. 10-year Treasury yields and the dollar index hit their lowest levels in months following weaker-than-expected job growth in July and an increased unemployment rate of 4.3%.
Federal Reserve Chair Jerome Powell hinted at possible interest rate cuts in September, contributing to market expectations of a 50-basis-point reduction. Analysts suggest that lower yields and safe-haven buying are supporting gold prices.
Spot gold slightly dipped 0.5% to $2,432.86, after nearing its all-time high of $2,483.73 earlier this month. This week's gains of about 3% mark the strongest since April, driven by investor demand for safe havens and anticipated rate cuts.
U.S. 10-year Treasury yields and the dollar index hit their lowest levels in months following weaker-than-expected job growth in July and an increased unemployment rate of 4.3%.
Federal Reserve Chair Jerome Powell hinted at possible interest rate cuts in September, contributing to market expectations of a 50-basis-point reduction. Analysts suggest that lower yields and safe-haven buying are supporting gold prices.
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