27 August 2024
Gold prices are consolidating near record highs as investors await clarity on potential U.S. interest rate cuts ahead of a key inflation report. Analysts expect gold to remain strong, with predictions of reaching $2,700 per ounce by year-end if the Federal Reserve implements significant rate cuts. The market is pricing in a high probability of a rate cut in September, with the size of the cut influencing gold’s future performance. Geopolitical tensions in the Middle East continue to support gold prices, which have risen about 22% this year.