Editor's PiCK
Gold holds near record highs…"Expectations of Fed easing and dollar weakness are driving gains"
Summary
- It reported that gold is trading near the record high.
- It said that expectations of accommodative Fed monetary policy, a weaker dollar, and the re-ignition of the U.S.-China trade war are driving the rise in gold prices.
- It also reported that silver prices have surged due to a lack of liquidity, setting a record high.
Gold is holding near an all-time high amid deepening U.S.-China tensions and expectations of further rate cuts by the Federal Reserve (the Fed).
On the 16th (local time), Bloomberg reported the current spot gold price is $4,209.11 per ounce, trading near the previous record high of $4,218.29 recorded the day before.
Gold has risen about 5% so far this week, continuing the rally that began in mid-August. Bloomberg analyzed, "The recent rally is the result of large-scale gold purchases by central banks, the re-ignition of the U.S.-China trade war, a U.S. government shutdown, and expectations of accommodative Fed monetary policy."
Meanwhile, silver prices have also surged amid a lack of liquidity, breaking above $53 per ounce this week and setting a record high.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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