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From: Julius Wong7/16/2024 1:34:19 PM
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Gold prices pop to record high as banks bet on two U.S. rate cuts

Jul. 16, 2024 12:50 PM ET
By: Carl Surran, SA News Editor

monsitj/iStock via Getty Images

Gold futures jumped to record highs Tuesday, bolstered by rising expectations of a September interest rate cut by the Federal Reserve and uncertainty stemming from the assassination attempt on former President Trump, sending safe haven markets higher this week.

A weakening dollar has also supported gold prices, and the dollar rebounded Tuesday after falling to a five-week low.

Front-month August Comex gold futures ( XAUUSD:CUR) recently were +1.5% to $2,466.40/oz, topping the previous high of $2,454.20/oz reached May 20, after rising as high as $2,467.30 on the session, and spot gold was +1.6% at $2,460.21/oz after hitting an all-time high of $2,465.19 during the session, according to LSEG data going back to 1968.
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