For investors seeking momentum, GS Physical Gold ETF AAAU is probably on the radar. The fund just hit a 52-week high and is up 34.28% from its 52-week low price of $17.97/share.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Gold traders prepare for the start of the Fed rate cut cycle.
Gold climbed sharply on Tuesday as bets for U.S. interest-rate cuts prompted prices to touch fresh record intraday highs, and some analysts touted long-term prospects for further gains in the precious metal.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
The gold price hit a record high on Tuesday, topping $2,460 per ounce, with bitcoin also on the rise. Gold has risen around 4% over the week to $2400 per ounce at the start of Tuesday, while bitcoin has also climbed back 2% higher to almost $64,000.
Rising expectations for a September rate cut following the latest inflation data bolstered demand for bullion.
According to the report, builders are increasingly cutting home prices to boost sales.
Gold prices have surged, reaching $2430 per troy ounce on Tuesday, flirting with historic highs. The recent spike in gold prices is largely attributed to comments made by Federal Reserve Chairman Jerome Powell, which have bolstered expectations of an impending interest rate cut.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.