50-Point Rate Cut Back on the Table — Gold Hits Record Highs

The dollar weakened and gold reached a record high as investors reassessed the likelihood of a significant interest rate cut by the Federal Reserve next week. Reports from major financial publications suggested the decision could be closer than previously thought, causing a shift in market expectations. This led to a rally in stocks, Treasury prices, and commodities, while the dollar fell to its lowest point this year against the yen.