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- Gold surges to new all-time high above $2,600, fueled by expectations of further Fed rate cuts.
- Safe-haven demand spikes due to escalating tension between Israel and Hezbollah.
- Fed Governor Waller backs 50 bps rate cut; however, dissenting Fed member Michelle Bowman prefers a smaller cut to guard against declaring an early win on inflation.
Gold prices climbed past $2,600, recording new all-time highs amid increasing speculation that the Federal Reserve (Fed) will continue to lower borrowing costs and heightened tensions between Israel and Hezbollah in the Middle East. The XAU/USD trades at $2,621, up 1.37%.
Risk aversion is the game’s name, which is portrayed by Wall Street’s three leading indices all posting losses between 0.26% and 0.31%. Fed Governor Christopher Waller stated that cutting 50 basis points was appropriate, citing expectations that the August Personal Consumption Expenditures (PCE) Price Index would be very low.
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