Gold reaches new historic highs thanks to dollar weakness 🚨
Gold continues its strong gains and tests the vicinity of $2530 per ounce, gaining 1%. This is due to the weakness of the US dollar, which is causing a test of the 1.1100 level on the EURUSD pair. It is worth mentioning that the increases in gold in recent weeks have been supported by strong expectations of interest rate cuts in the US. At this point, nearly 100 bps cuts are being priced in at 3 Fed meetings this year. Volatility in gold may increase during the release of the minutes of the latest Fed meeting, tomorrow at 7pm BST, and on Friday during the start of the economic symposium in Jackson Hole with a speech by Jerome Powell.
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