Gold prices at all-time highs as traders eye deeper US rate cut
FOMC interest rate decision due on Wednesday
Silver hit highest level since July 17
Gold could reach $2,700 by year-end - analyst
Updates prices and graphics
By Daksh Grover
Sept 16 (Reuters) -Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate reduction by the U.S. Federal Reserve this week.
Spot gold XAU= was up 0.2% at $2,580.83 per ounce, as of 0722 GMT, after hitting an all-time high of $2,589.59 earlier in the session.
U.S. gold futures GCcv1 edged 0.1% lower to $2,608.90.
Holidays in China, Japan, Indonesia, Malaysia and South Korea made for thin trading conditions.
The dollar .DXY weakened 0.4%,making gold less expensive for other currency holders. USD/
"The prospect of the Fed potentially wielding the axe by delivering a 50-basis-point cut this week has sent gold and the dollar in opposite directions," said Tim Waterer, chief market analyst, KCM Trade.
"Overall conditions for gold remain favourable, with further gains likely. If the dollar continues its downward trend, gold could reach $2,700 by year-end."
All eyes will be on the Fed this week as speculation mounts over the extent of the rate cut at its Sept. 17-18 monetary policy meeting and the pace of future reductions. The Bank of England and the Bank of Japan are also announcing policy decisions later this week.
Markets are currently pricing in a 59% probability of a 50-bp cut on Wednesday, according to the CME FedWatch tool. This would be the Fed's first rate cut since 2020.
Data on Friday showed that U.S. consumer sentiment improved in September amid subsiding inflation, though Americans remained cautious ahead of the November presidential elections.
Zero-yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil.
Republican presidential candidate Donald Trump was the subject of a second assassination attempt on Sunday, according to the FBI.
Spot silver XAG= gained 0.6% to $30.85 per ounce, hitting its highest level in two months earlier in the session.
Platinum XPT= shed 0.7% to $988.46 and palladium XPD= was up 0.2% at $1,070.25.
Spot gold price in USD per oz https://reut.rs/3BeLaRn
Reporting by Daksh Grover in Bengaluru; Editing by Sherry Jacob-Phillips and Varun H K
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
