The international gold price hit a record high again today, with the spot gold price exceeding US$2,550. The main reason was that the European Central Bank (ECB) cut interest rates as expected, and the latest economic data in the United States strengthened expectations that the Federal Reserve will cut interest rates next week. Goldman Sachs even predicted that early next year , the gold price is expected to reach $2,700. (Preliminary summary: Commentary "The U.S. interest rate cut is coming soon. Is it really the antidote to the crypto market?") (Background supplement: U.S. CPI in August was mixed) Bitcoin V surged by $58,000, and U.S. stocks turned "black and red" Up to 8%.) The international gold price has been rising steadily, rising by more than 30% in the past year. Today it hit a record high again, rising 1.8% to US$2,558.22 per ounce; the price of gold futures for December delivery also rose 1.8% , quoted at $2,558 per ounce. Source: goldprice.org Multiple factors support gold prices. The international gold price has reached a new high. The main reason is that the European Central Bank (ECB) cut interest rates as expected, coupled with the latest economic data from the United States, which strengthens expectations that the U.S. Federal Reserve will cut interest rates next week. These factors provide support for gold prices. Usually gold prices and interest rates often have an inverse relationship. When interest rates fall, it will affect the attractiveness of fixed-income assets such as bonds, and gold will be more favored by investors. Data released by the U.S. Bureau of Labor Statistics on the 12th showed that the producer price index (PPI) increased by 0.2% monthly in August, slightly higher than the 0.1% expected by economists. The employment data released on the same day showed that in the week ending on the 7th, , the number of people claiming initial unemployment benefits increased by 2,000 to 230,000, which was also higher than the 226,000 expected by economists. At the same time, as the inflation rate in the euro zone fell to its lowest level in more than three years in August, the European Central Bank (ECB) cut interest rates again on Thursday as expected, after announcing its first interest rate cut since 2019 in June. Decrease 1 code to 3.50%. Analyst opinion Ole Hansen, head of commodity strategy at Saxo Bank, said that a series of factors such as the ECB interest rate cut, the number of people claiming initial unemployment benefits in the United States last week and the slight increase in PPI are enough to push gold prices to historical highs, and the Federal Reserve will initiate an interest rate cut cycle. It is expected to further support gold prices, regardless of the extent of interest rate cuts. Alex Ebkarian, chief operating officer of precious metals trader Allegiance Gold, said that the market is moving towards a lower interest rate environment, so gold is becoming more attractive, and he expects that there may be more frequent interest rate cuts rather than deeper ones. According to Bloomberg analysis, short-covering buying of gold is also one of the factors driving the price of gold higher. According to data from the U.S. Commodity Futures Trading Commission (CFTC), as of the week of September 3, fund managers on the New York Mercantile Exchange (COMEX) Total short positions in gold futures have hit their highest level in four weeks. Goldman Sachs estimates gold price at US$2,700 Goldman Sachs released its latest report predicting that, boosted by the Federal Reserve's interest rate cuts and emerging market central banks' gold purchases, the price of gold is expected to reach US$2,700 per ounce by early next year. If the United States imposes new financial sanctions, Or the market's concerns about the U.S. debt burden intensify, and gold prices may rise further. What about Bitcoin? Looking at Bitcoin, CryptoQuant published an analysis yesterday saying that in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold rather than Bitcoin. The correlation between the two has also continued to decline recently, and Bitcoin is currently more affected by the US stock market. With the Federal Reserve expected to begin cutting interest rates and releasing water, it remains to be seen whether the newly increased liquidity will flow into Bitcoin. Related reports: The Federal Reserve cuts interest rates by 2 yards, and Bitcoin may plummet! 10x Research: BTC rebound indicators have recovered from oversold. Bitcoin fell below 54,000 mg and US stocks plunged! The U.S.'s non-agricultural employment was affected in August. Will the Fed cut interest rates by 1 or 2 points? The focus tonight is not just non-agricultural employment! The unemployment rate is also the key to whether the Federal Reserve will cut interest rates by 2 digits. 〈Gold reaches a new high! Benefiting from European interest rate cuts and the Fed's expected water release...what about Bitcoin? 〉This article was first published in DongZu BlockTempo "DongZu DongTen - the most influential blockchain news media".