Gold price might reach for record highs with Fed rate cuts now in sight and as uncertainty over the U.S. elections increase safe-haven flows toward bullion, according to Phillip Nova analyst Priyanka Sachdeva in a research note.
The precious metal has had three straight weekly gains and is on track for its sixth consecutive month higher, the analyst notes. Markets are optimistic after recent remarks by Fed Chair Jerome Powell fueled hopes of rate cuts as soon as September.
Gold might consolidate in low $2,400s ahead of looming U.S. retail data later tonight. Spot gold is 0.5% higher at $2,432.55.
Source: Marketwatch
