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Will the gold rally keep going?
8.20.24 - Will the gold rally keep going?
Gold last traded at $2,516 an ounce. Silver at $29.45 an ounce.
Gold Prices Hit Record Highs. Why the Rally Could Keep Going. -Barron's
There's a new gold rush-on Wall Street.
It is causing the kind of ruckus that California's gold rush touched off in 1849. Gold prices have shot up more than 20% this year and are now trading at a record high above $2,560 an ounce.
Can the yellow metal keep climbing?
Investors are clearly betting on interest rate cuts from the Federal Reserve to help push gold up further. Gold tends to do well during times of dollar weakness and the greenback typically declines when the Fed is lowering rates.
Geopolitical uncertainty around the globe and the coming U.S. election could also give gold a further lift. Gold typically is viewed as the safest of haven trades. It is a tangible asset with a limited supply, unlike government-backed currencies. For that reason, China, India, and other emerging markets have been boosting their gold holdings to lessen their dependence on the U.S. dollar.
