The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
By 17:30 GMT, gold stood at $3,528.80 per ounce and currently trades around $3,526.80.
Gold had already hit record levels earlier this year, surpassing $3,500 amid global trade tensions sparked by U.S. tariffs. The “safe-haven” metal has gained more than 33% so far this year.
Prices had stabilised around $3,400 as trade fears eased, but renewed expectations of a Fed rate cut for the September meeting have lifted demand once again.
The Fed is set to announce its interest rate decision later this month. Money markets assign an 88% probability of a rate cut, with two cuts expected by the end of the year. Inflation in July fell below expectations and employment growth slowed, prompting markets to anticipate a 25 basis-point reduction in September. The current policy rate stands at 4.25%-4.5%.
At the Jackson Hole symposium in mid-August, Fed Chair Jerome Powell signalled a possible rate cut, saying the central bank’s policy stance “may warrant adjustment” given shifting risks.
In addition, President Donald Trump’s move to remove Fed Governor Lisa Cook has added to gold’s appeal, raising concerns over the Fed’s independence.
U.S. has become a central outside power in the south caucasus, shaping diplomacy, security and energy flows. Its relations with Azerbaijan and Armenia...
Iran would retaliate by striking U.S. military bases across the Middle East if it comes under attack by American forces, Foreign Minister Abbas Araghc...
France and Canada opened new consulates in Nuuk, Greenland’s capital, on Friday, stepping up their Arctic presence in a show of support for Denmark,...
A senior Russian military intelligence officer is recovering in hospital after being shot several times in Moscow, as investigators prepare to interro...
Russia launched a large-scale overnight attack on Ukraine’s energy system early on Saturday (7 January), hitting power generation and distribution f...
U.S. has become a central outside power in the south caucasus, shaping diplomacy, security and energy flows. Its relations with Azerbaijan and Armenia have evolved from similar beginnings into two distinct partnerships that now define Washington’s role in the region.
Iran would retaliate by striking U.S. military bases across the Middle East if it comes under attack by American forces, Foreign Minister Abbas Araghchi said on Saturday (7 January), stressing that such action should not be seen as targeting the countries hosting those bases.
France and Canada opened new consulates in Nuuk, Greenland’s capital, on Friday, stepping up their Arctic presence in a show of support for Denmark, a NATO ally, amid renewed demands by U.S. President Donald Trump to acquire the strategically located territory.
Russia launched a large-scale overnight attack on Ukraine’s energy system early on Saturday (7 January), hitting power generation and distribution facilities with more than 400 drones and around 40 missiles, Ukrainian officials have said.
Winter weather has brought air travel in the German capital to a complete halt, stranding thousands of passengers as severe icing conditions make runways and aircraft unsafe for operation and force authorities to shut down one of Europe’s key transport hubs.
Storm Leonardo hit Spain and Portugal on Tuesday, forcing more than 11,000 people from their homes, as a man in Portugal died after his car was swept away by floodwaters and a second body was found in Malaga.
An attacker opened fire at the gates of a Shiite Muslim mosque in Islamabad on Friday before detonating a suicide bomb that killed at least 31 people in the deadliest assault of its kind in the capital in more than a decade.
Iran and the United States opened nuclear talks in Oman on Friday, with Tehran calling the meeting a good start and both sides agreeing to continue discussions after returning to their capitals for consultations.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of February, covering the latest developments you need to know.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
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