Gold hit a fresh all-time high near $3,650 per ounce on Tuesday, supported by mounting expectations of Federal Reserve rate cuts through year-end. An unexpectedly weak US jobs report last Friday led markets to price in three rate cuts this year, including a 25bps cut at the Fed’s meeting next week. Investors are now awaiting the US PPI and CPI data, due later this week, which could provide further guidance on the Fed’s next steps. Beyond rate expectations, safe-haven demand for the precious metal is also underpinned by uncertainty tied to US tariffs and geopolitical risks. So far this year, gold has surged 39%, driven by US dollar weakness, strong central bank purchases, dovish monetary settings, and heightened global uncertainty.
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