Gold Daily | Gold Hits Record Highs Amid Weak Dollar, Rate Cut Expectations, and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

Gold prices hit a record high at $2,670.57 before settling at $2,658.08, driven by a weaker dollar and expectations of further rate cuts. Investors are eyeing Fed signals on future rates.

【Technical Analysis】

Gold shows overbought signals; a break below $2,652 support could trigger further selling. Key levels are $2,659.47 for bullish momentum and $2,652.42 as immediate support.

【Market Sentiment and Economic Background】

The Fed's recent 50 basis point rate cut, along with China's easing, is expected to maintain pressure on the dollar, boosting gold. Geopolitical tensions in the Middle East and U.S. political uncertainty ahead of the November election further support gold. Consumer confidence in the U.S. has dropped, highlighting economic concerns, with expectations of another 50 basis point cut in November at 75%.

【Analyst Opinions】

Analysts foresee continued inflows into gold ETFs, particularly from Western investors, supporting record prices. The Fed's relaxation of monetary policy aids gold's rise by reducing its opportunity cost. UBS strategists remain bullish on silver, which benefits from industrial demand and is seen outperforming other assets alongside gold.