Breaking: Gold Price surges to the all-time high above $2,130 on weaker US, Fed rate cut bet
Gold prices (XAU/USD) climbs to an all-time high above the $2,100 psychological round mark during the early Asian session on Monday. The speculation that the Federal Reserve (Fed) has reached its peak of the rate hike cycle boosts yellow metal demand.
Gold gains momentum as markets continue to price in a potential interest rate cut as early as March. According to the CME FedWatch Tool, markets are now pricing in more than 50% odds of a rate cut in the first quarter of 2024.
Market reaction:
Gold price attracts some buyers above the $2,100 mark and has reached the record high of $2,148. At the time of writing, gold price (XAU/USD) is trading around $2,135, up 2.90% on the day.
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