$BTC
Expectations of Fed rate cuts set off gold prices!!
Refreshing historical highs to $2588.95!!
Amid the weak dollar and the expectation of a sharp rate cut by the Fed, gold prices soared on Monday, breaking the historical record and reaching an astonishing $2588.95 per ounce!
Chief market analyst Tim Waterer pointed out: "As the Fed may cut interest rates by 50 basis points this week, the trend of gold and the US dollar is in sharp contrast.
The overall trend of the current gold market is still positive and is expected to continue to rise. If the US dollar continues to depreciate, the price of gold may even reach an astonishing level of $2,700 per ounce before the end of the year."
As the Fed's monetary policy meeting on September 17-18 approaches, the world's attention is focused on this meeting.
The market generally speculates that the Fed will announce the extent of the rate cut and future rate cut plans at this meeting.
According to the CME Fed Watch tool, the market expects the probability of a 50 basis point rate cut on Wednesday to have risen to 59%, far higher than 43% last Friday.
This storm of expected rate cuts is driving gold prices to new historical highs!
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