Gold Hits New High, Reaching $2,570
Gold has broken through a new threshold this Friday, establishing itself at $2,570. This 0.2% increase in a single day and 2.7% since the beginning of the week is supported by expectations of a more accommodative monetary policy from the Fed.
Investors are indeed anticipating an interest rate cut at the next monetary meeting, which would strengthen gold's appeal as a safe-haven asset.
Futures contracts on gold have followed suit, gaining 0.5% to $2,593.40.
