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Gold prices hit a record high on Wednesday, continuing their upward momentum as traders responded to last week’s Federal Reserve interest rate cut. Early trading saw the precious metal reach $2,670 per ounce, driven by fears of rising Middle East tensions and the impact of lower interest rates on fixed-income investments.
Despite the surge, gold quickly retreated below $2,660 per ounce later in the session, sparking concerns that it may end the day in the red. This pullback came after Israel struck Hezbollah targets in southern Lebanon, adding a layer of volatility to the market and threatening to end the metal’s four-day winning streak.
Gold’s safe-haven status has been a key driver of its recent performance. Investors often turn to the precious metal during times of geopolitical unrest, and with escalating tensions in the Middle East, demand has surged. These conflicts, coupled with the Fed’s aggressive 50-basis-point rate cut, have further dampened the appeal of bonds and other fixed-income assets.
The Federal Reserve’s rate cut, aimed at stimulating the economy, has diminished returns on traditional investments like bonds, making gold more attractive. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, providing a strong tailwind for its price.
With uncertainties continuing to cloud both the global political and economic landscape, gold is likely to remain in high demand. Traders are closely monitoring developments in the Middle East and future Fed policy decisions, which will play a critical role in determining the metal’s trajectory in the coming weeks.
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