New York Post: Gold Smashes $3,500 Record as Rate-cut Bets, Policy Turmoil Fuel Haven Rush
Article by Ariel Zilber in New York Post
Gold roared to a fresh record above $3,500 an ounce on Tuesday as traders bet the Federal Reserve will cut interest rates this month.
Spot gold briefly surged past $3,508 in New York trading, eclipsing April’s intraday peak, before hovering near $3,600 late morning.
The metal is up roughly a third in 2025, outpacing most major assets as investors rotate toward havens and away from rate-sensitive trades.
“Investors adding to gold allocations, especially as Fed rate cuts loom, are pushing prices higher,” UBS strategist Joni Teves told Bloomberg News.
“Our base case is that gold continues to make new highs over the coming quarters.”
The surge in the price of gold is being driven by expectations that Fed Chair Jerome Powell will deliver the first rate cut since December 2024 at the Sept. 16–17 meeting. Powell “opened the door” in his Jackson Hole remarks, while promising to “proceed carefully,” a signal that helped solidify bets on easier policy.
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