Gold Shatters Records

London: 8 April 2024 (TraderMade): Gold prices have entered uncharted territory, smashing records for a third straight week! This relentless rally is fueled by a confluence of factors, including:

Speculative Buying & Lower Rates

Anticipation of the Federal Reserve potentially cutting interest rates later this year has boosted demand for the non-interest-bearing metal. Investors are piling in, betting on further price hikes.

Gold (XAUUSD) surged by 5.63% over the last week and currently trades at $2337.615 per ounce.

Central Bank Stockpiling

Central banks, particularly China's, are actively accumulating gold, adding further buying pressure and confidence to the market.

Despite a strong US jobs report and reduced expectations for a June rate cut, gold continues its record-breaking run. However, some analysts warn of a potential pullback due to overbought conditions.

Stay tuned as we monitor key data releases, such as US inflation figures and FOMC meeting minutes, which could influence the Fed's rate-cut decision and impact gold's future trajectory.