Gold Soars to New Heights as Central Banks and Investors Pile In

Gold prices reached new heights on Tuesday, driven by strong demand from central banks and investors anticipating a Federal Reserve rate cut. The precious metal’s value has surged over 23% this year, touching record levels above $2,525 per ounce for spot gold and $2,560 for futures contracts. This rally is fueled by central banks’ record gold purchases, geopolitical tensions increasing its safe-haven appeal, and expectations of lower interest rates. Analysts predict further price increases, with UBS Global Wealth Management forecasting gold to reach $2,600 per ounce by the end of 2024.