Analysts: If the Fed confirms multiple interest rate cuts, gold prices may peak again

Huobi HTX reported that on Tuesday, driven by the weakening of the US dollar and the clear expectations that the Fed would implement a rate cut, gold prices soared past $3,700 per ounce, setting a record high. Eric Chia, strategist at the brokerage firm Exness, said: "If the Fed's policy guidance fails to meet the market's expectations of dovish stance, gold may face selling pressure in the short term. But as long as the Fed confirms that it will cut interest rates multiple times, it will support the rise in gold prices, which is expected to push it to another record high." In addition, central banks continue to purchase gold, inflows of gold ETFs (exchange-traded funds), and geopolitical tensions have exacerbated the market's demand for safe-haven assets and anti-inflation assets, which have also jointly supported the rise in gold prices.