Gold futures in New York surpass USD 3,800 per ounce, setting a new all-time high with a 0.66% intraday increase.

Gold futures in New York surpass USD 3,800 per ounce, setting a new all-time high with a 0.66% intraday increase.

Gold futures on the New York Mercantile Exchange have reached a new all-time high, trading above $3,800 per ounce. This marks a significant milestone, with the precious metal experiencing a 0.66% intraday increase. The move comes amid a softer U.S. dollar and expectations of a Federal Reserve interest rate cut later this week. Gold has been on a strong upward trajectory, gaining about 42% year-to-date and 11% in the past month alone .

The recent surge in gold prices has pushed its 14-day relative strength index (RSI) to nearly 80. An RSI above 70 is typically considered a sign of an overbought asset, indicating that gold's recent price movement may be overstretched from a technical perspective. However, the momentum in gold prices is driven by a combination of geopolitical uncertainties, economic fears, and a potential shift in monetary policy.

Investors and financial professionals should closely monitor the Federal Reserve's meeting later this week, as any changes in interest rate expectations could further influence the price of gold. Additionally, the ongoing geopolitical tensions and economic uncertainties continue to provide a supportive environment for the precious metal.