The recent rally in gold has been fueled by several key factors that have enhanced its appeal to investors. One of the primary drivers has been the expectation of further interest rate cuts by the Federal Reserve. After implementing a 50 basis points (bps) cut in September 2024, the market anticipates additional reductions, possibly up to 75 bps, by the end of the year. This dovish stance lowers yields on traditional assets such as bonds, making non-yielding assets like gold more attractive.
The weakening U.S. dollar has also been crucial in supporting the gold rally. Since late June, the dollar has experienced consistent declines, driven by the Fed's dovish outlook, making gold, priced in dollars, more affordable for buyers in other currencies. This has boosted demand, and as long as the Fed leans toward further rate cuts and the dollar remains under pressure, the bullish trend for gold will likely continue. However, given the recent surge in gold prices, some short-term pullback may be necessary to prevent the market from becoming overbought.
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