Gold near record highs amid Fed cut bets and market
|Gold prices rose in early Tuesday trading, touching a fresh all-time high before retreating to just below $3,950. The precious metal is being supported by strong safe-haven demand driven by ongoing economic and geopolitical uncertainty, further heightened by the US government shutdown. Another supportive factor is the growing expectation that the Federal Reserve will cut rates at least twice more before the end of the year. Against this backdrop, there may be scope for further increases in the price of the precious metal as it continues to approach the key psychological level of $4,000. However, there are also some headwinds. The dollar’s gains over the past two sessions could cap the upside for gold, as could some profit-taking following the recent rally, which has pushed prices into technically overbought territory.
Source: ActivTrader
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