#GoldPriceRecordHigh Gold prices have smashed records, soaring above $3,500 per ounce! This surge is driven by expectations of a Federal Reserve rate cut in September, with markets pricing in a 94.75% probability. The precious metal has gained over 30% this year, outperforming many other commodities.

Why is gold rising?

- Safe-haven demand: Uncertainty around US policy and geopolitical tensions are fueling gold's appeal.

- Rate cut expectations: Lower interest rates make gold more attractive, as it doesn't pay interest.

- Central bank buying: Institutions are adding gold to their reserves, further boosting demand .

Market Outlook

- Potential targets: If gold breaks past $3,550, it could challenge $3,600.

- Support levels: A breach of $3,500 could see gold testing $3,454 or $3,400.

Global Impact

- India and Dubai: Gold prices have hit record highs in both countries, with India's MCX spot price reaching ₹1,03,969 per 10 grams.

- Central banks: Countries like India, China, Turkey, and Poland are increasing their gold reserves.

With ongoing market volatility and economic uncertainty, gold's appeal as a safe-haven asset is likely to persist. What's your take on the current gold market?