(Telestock) – Gold soars to new all-time highs above $2,400 an ounceon the prospect of a rate cut by the Fed in September. The precious metal, in fact, is trading at 2,463 dollars an ounce, with an increase of 1.68%, after having touched a peak of $2,466. This brings the value of the metal to all-time highs and up 19.5% since the beginning of the year.
Gold’s performance, usually opposite to that of the dollar, is due to the expectations of an easing of US monetary policyeven if the greenback in this period is rising, to incorporate the so-called “Trump effect”. The greenback, in fact, continued to appreciate, pushing the euro at 1.0807 USD.
The confirmation of the nomination of the former President by the Republicans for the race for the White House after the unfortunate attack in Pennsylvania, has launched the tycoons clearly ahead of their Democratic opponent Joe Biden, paving the way for a second candidacy.
The expectation of an imminent US rate cut after the summer has pushed down the 10-year Treasury yieldswhich have been confirmed at 4.164% with a difference of 6.5 basis points (-15%) compared to the day before.