Gold surged to an all-time high on Tuesday, lifted by a weaker U.S. dollar and falling Treasury yields, as investors bet the Federal Reserve will cut interest rates later this month.
New York — December gold futures climbed to $3,692.40 an ounce, while spot prices reached $3,659.10, reflecting robust demand for the precious metal as a safe-haven asset.
The rally came as the U.S. dollar index fell to a seven-week low and yields on 10-year Treasuries declined, boosting gold’s appeal to international buyers.
Central bank purchases also played a key role in supporting prices, analysts said, amid global uncertainty and mounting expectations of monetary easing.
“Safe-haven demand is back in force,” one commodities strategist noted, pointing to heightened geopolitical and economic risks that continue to underpin the market.
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