🔥 Gold had a wild week, smashing records and lighting up markets as investors rushed in!
🏆 The spot price reached an all-time high of $3,578.50 per ounce on Wednesday before a small pullback on profit-taking.
📈 Fueled by bets on looser US Fed policy, markets now see a 98% chance of a rate cut this month.
📉 As the US dollar slides nearly 11% since January, gold is getting a global price cut for overseas buyers.
🤔 "Growing concerns over the independence of the US central bank are further undermining trust in dollar-denominated assets and pushing investors toward gold," traders at Heraeus Metals said.
🌍 Central banks are stacking bars too: data from the World Gold Council show they plan to boost gold reserves and trim dollar holdings over the next five years.
🔮 With all this momentum, experts at Standard Chartered expect gold's glow to keep growing.
Reference(s):
cgtn.com
