To a new peak .. Gold continues its standard height

Gold prices rose to a new peak today, Tuesday, as the dollar’s weakness and the decline in bond returns, amid the increase in bets to reduce the Federal Reserve (the US Central Bank) interest rates this month increased demand for yellow metal.

Gold in instant transactions increased 0.4 percent to $ 3651.38 an ounce by 0249 GMT. US gold futures for December delivery rose 0.4 percent to $ 3690.90.

“We are likely to see more in gold from this level, provided that the US Central Bank will achieve market expectations by seeing many interest rates,” said Tim Water, a chief market analyst in KCT, said.

The growth of jobs in the United States decreased sharply in August and the unemployment rate increased to the highest level in almost four years, recording 4.3 percent, confirming the weakness of the labor market conditions and increases the possibility of reducing interest rates next week.

The CMI’s VID Watch tool shows that dealers expect a possibility of 89.4 percent to reduce the interest rate of 25 basis points in this month meeting and a possibility of 10.6 percent to reduce 50 basis points.

Low interest rates are pressed on the dollar and bond returns, which increases the attractiveness of the precious metal that does not generate returns.

The dollar index decreased to the lowest level in about seven weeks against the main currencies, making gold more attractive for other currencies, while the US Treasury Bonds returned for 10 years to the lowest level in five months.

At the same time, the European Central Bank is widely expected to keep interest rates unchanged in its meeting on Thursday.

Investors are now waiting for producers’ price data in the United States, which will be issued tomorrow, Wednesday, and consumer prices on Thursday to obtain more evidence of the Central Bank’s policy path.

Gold prices have risen 38 percent since the beginning of the year, after a 27 percent jump in 2024, supported by the decline in the dollar, a strong purchase of central banks, cash facilitation, and the increasing state of global uncertainty.

As for other precious metals, silver increased in instant transactions 0.1 percent to $ 41.36 an ounce, and platinum increased one percent to $ 1396.42, and palladium rose 1.4 percent to $ 1149.47.