FX.co ★ Gold Prices Stabilize Close to All-Time Peaks

Gold prices stabilized around $3,750 per ounce on Thursday, maintaining their proximity to the record highs achieved earlier this week. The demand is robust, fueled by expectations of additional Federal Reserve rate cuts and persistent geopolitical tensions in Ukraine. Market focus now shifts to several speeches from Fed officials scheduled for later today, as well as the upcoming release of the US Personal Consumption Expenditures (PCE) inflation report tomorrow. These events could significantly influence market predictions regarding monetary policy. Currently, investors are anticipating a 25 basis point reduction in the federal funds rate next month, with another cut projected in December. Gold has appreciated by approximately 1.8% this week. Further enhancing the positive outlook, Bloomberg has reported that China is aiming to become a custodian of foreign sovereign gold reserves, a strategy that could enhance its leverage in the global bullion market.