Gold Soars to All-Time High as Dollar Weakens and Rate Cut Hopes Grow

Gold prices have reached a new record high, driven by a weakening US dollar and increased buying from Western investors. The surge comes as markets anticipate potential interest rate cuts by the Federal Reserve in September. Despite muted demand in China, the world’s largest gold consumer, the precious metal has gained 22% this year, benefiting from its status as a safe-haven asset amid economic uncertainties. Investors are closely watching Federal Reserve Chair Jerome Powell’s upcoming speech at Jackson Hole for further insights into monetary policy direction, which could impact gold’s trajectory.